The Bitcoin-as-a-strategic-reserve concept is getting closer to becoming a reality as new states propose relevant legislation. Maryland and Iowa have been the last ones to join the party. On February 7, 2025, State Representative Caylin Young introduced the Strategic Bitcoin Reserve Act of Maryland ( HB1389 ), aiming to establish a Bitcoin reserve fund, which would serve as a reserve asset for the state, providing protection against fiat currency inflation. The bill authorizes the state treasurer to invest funds obtained from enforcing gambling violations in Bitcoin. Additionally, it allows the reserve fund to accept Bitcoin donations from governmental entities and state residents. If passed, this legislation could reshape Maryland’s financial strategies and further integrate cryptocurrency into the state’s economic framework. A day earlier, Iowa took similar steps towards cryptocurrency adoption by introducing the House File 246 ( HF 246 ) – “a bill for An Act relating to the investment of public moneys in digital assets and precious metals.” The bill, sponsored by Representative Taylor Collins, allows the state treasurer to allocate up to 5% of public funds to digital assets, including Bitcoin, to diversify the state’s investment portfolio. Maryland has become the 17th state to propose Bitcoin reserve legislation. The first one to make the bold move was Pennsylvania. The state initiated a similar bill as soon as November 2024. The Pennsylvania Bitcoin Strategic Reserve Act allows the state to invest up to 10% of its general fund, investment fund, and rainy day fund in Bitcoin. In December 2024, Florida followed suit, revealing plans to join the Bitcoin reserve race with support from key political figures. Also in December, Texas introduced Senate Bill 778, proposing the creation of a Bitcoin reserve separate from the state’s general revenue fund. Not long after, Utah passed a Bitcoin reserve bill out of committee in January 2025, positioning it for further approval. Arizona’s similar bill was also passed out of committee last month, preparing it for consideration in the state’s Senate. Other states pushing for Bitcoin adoption and establishing strategic reserves include Alabama, Kentucky, Massachusetts, Montana, New Hampshire, North Dakota, Ohio, Oklahoma, South Dakota, and Wyoming.
