Strategic Bitcoin Reserve has become more prominent in the US now that Utah’s Committee has cleared the bill. This has made Utah the second US state to do so, inching closer to adding Bitcoin for strategic reserves. It is speculated that if the bill is approved, it will pave the way for other states to do the same.
Meanwhile, BTC is undergoing a correction phase as the token has plunged over the past 24 hours.
Utah Approves Strategic Bitcoin Reserve Bill
Dennis Porter, co-founder of Satoshi Act Fund, published a post on X shared the progress in strategic Bitcoin reserve in the United States. Notably, Utah has approved the bill adding BTC, making it the second US state to do so after Arizona advanced its Strategic Bitcoin Reserve Act (SB1025).
Utah’s Strategic Bitcoin Reserve bill will now be presented to the state legislature and governor for signature. Further approval will make it a legal law in the US state.
It is estimated that as many as 11 US states are pushing to add BTC in strategic reserves with the most common allocation of 10% of their funds. An approval in Utah is expected to pave the way for many more states. Interestingly, Bitcoin reserve bill in South Dakota has picked pace following in the footsteps of Arizona. Logan Manhart, State Representative for South Dakota, has called this one of the few chances the government has at being proactive.
What’s Next?
The bill will now officially move out of the committee and presented to the governor. It will become a law after the governor signs the bill that is currently supported by a super-majority vote in the state. If approved, Utah will soon have its Strategic Bitcoin Reserve and serve as a reference point for other US states. The bill is being processed under the leadership of Jordan Teuscher who has earlier announced HB230, allowing Utah to invest in digital assets.
It is also speculated that the US may adopt the XRP in Strategic Reserve. The crypto community is split into two with one side suggesting that including any other digital asset into strategic reserve could have ‘serious negative consequences’.
Bitcoin Price Correction
The strategic Bitcoin reserve development in Utah has triggered a slight correction phase for Bitcoin. BTC price is down by 0.89% in the last 24 hours, and is exchanging hands at $102,248.93. It further reflects a drop of 3.39% in the last 7 days and a surge of 9.55% in the last 30 days.
A lot of experts have supported this situation by saying that drops in BTC prices are opportunities to accumulate the flagship token. MicroStrategy, for one, has already added 10,107 BTC to its holdings and Metaplanet has announced plans to raise funds to buy more Bitcoin tokens.
The post Breaking: Utah Becomes 2nd US State to Approve Strategic Bitcoin Reserve Bill appeared first on CoinGape.
