Summary
- Michigan has entered the second review of a bill to introduce Bitcoin as a reserve asset at the state government level.
- The bill would allow the state treasury to invest up to 10% of its reserves in Bitcoin and some digital assets.
- If passed, Michigan is expected to become the fourth state to adopt a Bitcoin reserve framework.
The U.S. state of Michigan is accelerating the legislative process to introduce Bitcoin (BTC) as a state government-level reserve asset.
According to CoinDesk on the 18th (local time), Michigan's 'Bitcoin Reserve Asset Bill (HB 4087),' which had seen no progress for the past seven months, has advanced to the second review stage in the state House floor.
The bill, first introduced in February, would allow the state treasury to invest up to 10% of its reserves in Bitcoin and some other digital assets. The bill was referred to the Government Operations Committee for detailed discussion.
If the bill is finally passed, Michigan would become the fourth state to adopt a Bitcoin reserve framework after Texas, New Hampshire, and Arizona. Texas executed a BTC purchase worth $10 million in June, but the other two states have not yet begun building reserve assets.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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