Donald Trump and his political allies are working hard to stockpile Bitcoin at the national level in the U.S. Treasury. Since Election Day, Bitcoin's price has been climbing to new heights. Now, some states are looking to do the same.

Currently, three states are considering proposals to create strategic Bitcoin reserves. Advocates for digital assets are encouraging other local governments to join in.

Texas

In Texas, lawmakers are preparing to discuss a proposal for a strategic Bitcoin reserve. State Representative Giovanni Capriglione introduced a bill in December. This bill aims to create a Bitcoin stockpile for Texas.

The proposed legislation requires Texas to hold the Bitcoin for at least five years. It also mandates that the cryptocurrency must be stored in cold storage, meaning it will be kept on a device not connected to the internet. Additionally, the assets cannot be used for transactions outside of Texas. The bill states, “A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security.” Texans will also have the opportunity to donate to the state’s Bitcoin fund.

Pennsylvania

In Pennsylvania, the House of Representatives introduced a bill in November to establish a strategic Bitcoin reserve. This legislation would allow the state’s Treasurer to purchase Bitcoin using “up to 10%” of the State General Fund, Rainy Day Fund, and the State Investment Fund.

Accessing 10% of the State General Fund could enable the Pennsylvania Treasury to acquire nearly $1 billion in Bitcoin. Lawmakers noted in a memo that “Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change.”

Ohio

In Ohio, State Representative Derek Merrin proposed a bill on December 17 to create a strategic Bitcoin reserve. The Ohio Bitcoin Reserve Act calls for establishing a Bitcoin fund within the state Treasury. It also gives Ohio's State Treasurer the authority to purchase the asset at their discretion.

Merrin stated, “Ohio must embrace technology and protect tax dollars from eroding.” While some details about how the reserve will operate are still unclear, the draft legislation is expected to serve as a foundation for Ohio lawmakers to build upon in 2025.