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bitcoin

Kentucky Becomes Latest State To Propose Bitcoin Reserve Bill – Key Details

Ash Tiwari
by Ash Tiwari
7 months ago
·
Posted in Bitcoin Regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) frenzy is sweeping across the US following Donald Trump’s victory in the November presidential election, with Kentucky becoming the latest state to introduce legislation aimed at establishing a Bitcoin reserve.

Kentucky Joins The Bitcoin Reserve Club

Kentucky has become the 16th US state to introduce legislation seeking to create a Bitcoin reserve. Introduced by State Representative Theodore Joseph Roberts, the bill, titled HB376, proposes allowing the State Investment Commission to allocate up to 10% of excess state reserves into cryptocurrencies. The bill states:

The total amount of excess cash invested under subsection (9)(k), (l), and (m) of this section shall not, at the time of the investment is made, exceed ten percent (10%) of the total amount of excess cash invested under subsection (9) of this section.

While the bill does not explicitly mention Bitcoin, its definition of eligible digital assets ensures that only BTC would qualify. According to the bill, any digital asset included in the reserve must have a market capitalization exceeding $750 billion and cannot be a stablecoin.

Related Reading: New Strategic Bitcoin Reserve Bill: Ohio Gains Support From 6 Co-Sponsors

As of today, BTC is the only cryptocurrency meeting these criteria, with a total market capitalization of over $1.9 trillion at the time of writing. In contrast, the second-largest cryptocurrency, Ethereum (ETH), has a market cap of approximately $334 billion.

With this legislation, Kentucky joins a growing list of states pursuing similar Bitcoin reserve initiatives. Other states that have introduced comparable bills include Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming.

bitcoin
Source: Bitcoinlaws

However, despite numerous proposals, none of these bills have been implemented so far. Wyoming’s WYHB201 bill failed to pass a committee vote, while North Dakota’s ND HB1184 bill was voted down in the House.

Conversely, Utah’s HB230 bill has successfully passed the House and advanced to the Senate, marking the first Bitcoin reserve bill to clear a chamber vote. Whether it will pass the Senate remains to be seen.

Could National BTC Reserves Be Next?

Globally, more countries are considering the establishment of strategic BTC reserves, aligning with a recent report suggesting that nation-state adoption will drive the next phase of cryptocurrency expansion.

For example, US Crypto Czar David Sacks recently stated that the federal government is exploring the feasibility of a national BTC reserve. Similarly, Brazil is considering adding BTC to its National Treasury to diversify financial holdings.

Related Reading: Bitcoin Could Be Worth Over $200,000 As ‘Portfolio Insurance’ Against Sovereign Default: Report

Meanwhile, countries such as El Salvador and Bhutan have already accumulated substantial Bitcoin reserves. At press time, BTC trades at $99,620, up 1.5% in the past 24 hours.

bitcoin
BTC trades at $99,620 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Bitcoinlaws and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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