Oklahoma joins the movement for Bitcoin reserves, following states like Texas, aiming to secure financial growth and stability.

Oklahoma has officially joined the movement to adopt Bitcoin as a reserve asset. Crypto advocate Dennis Porter has said that the state’s House of Representatives introduced a bill for a “strategic BTC Reserve.” This follows a growing trend of states developing their own Bitcoin reserves.

The idea of state Blockchain reserves bubbled over after the re‐election of Donald Trump as 47th US President in November last year. Many states are eager to act before this could happen with the federal government. If Trump were to issue an executive order, Porter says it could create a national Bitcoin reserve. If this does not happen soon individual states will continue to take action individually.

Oklahoma Becomes Sixth State to Explore Bitcoin Reserve Strategy

Anthony Pompliano and some others in the industry are urging Trump to fulfill his promise of Bitcoin reserve. They think that action by the president in the first 100 days of his administration would help increase the price of Bitcoin and make Bitcoin a legitimate asset for national reserves. In this situation, they could entice more countries to adopt Bitcoin in their everyday activities.

However, Oklahoma is now the sixth state to consider making Bitcoin reserves of its own. Similar legislation has been proposed in other states, including Texas, Pennsylvania, Ohio, and New Hampshire. For example, a state Bitcoin reserve has already been set up in Texas by law. Also last week, North Dakota introduced a resolution that could become a formal bill soon.

While the debate persists, people who support Bitcoin believe it will help to bring new financial growth and security opportunities. It is, they believe, a vehicle for states to safeguard their assets against inflation and other economic uncertainty. However, critics have still sounded cautionary notes—cautionary notes that Bitcoin’s volatility makes it a safe asset to hold.

Overall, the idea of state-based Bitcoin reserves is picking up steam. With several states already considering their own legislation, it is evident that Bitcoin’s role in the financial system is no joke. However, it is too early to say whether it will be accepted as a reserve asset.