Already 16 US states are considering a proposal for BTC and crypto reserve, most recently Kentucky

Kentucky becomes 16. State in the US that has a law on the table that can potentially create legislation for bitcoin or cryptocurrency reserve.

This is followed by Arizona, Alabama, Florida, Massachusets, Missouri, New Mexico, New Hampshire, North Dakota, South Dakota, Ohia, Oklahoma, Pennsylvania, Utah, Kansas and Wyoming.

The draft law HB376 presented the representative of the state of Kentucky Theodore Joseph Roberts on 6 February. In the case of approval, the law would allow the State Investment Commission to allocate up to 10 % of excess state reserves into digital assets, ie bitcoins, but potentially other cryptocurrencies.

However, altcoins do not currently meet the criteria for adding to the Kentucky state reserve. They say that it is possible to include other digital assets than stablecoins, with market capitalization exceeding on average in the previous calendar year $ 750 billion. Bitcoin capitalization is currently about $ 1.9 trillion, while the second largest Ethereum cryptocurrency reaches less than $ 332 billion.

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The proposal states:

The total amount of excess cash invested in paragraph 9 (k), (l) and (m) of this section must not exceed ten percent (10 %) of the total amount of excess cash invested in paragraph 9 of this part.

«Despite concerns related to volatility, this law for Kentucky is» a massive vote on trust in Bitcoins. «This could then inspire a greater acceptance, said the book Blockchain Revolution 2030 Anndy Lian and added:

This could increase the interest of institutions and make other countries and even whole countries to consider similar steps. However, acceptance is not only about price; It is an infrastructure. Kentucky will need a robust storage solution, cyber security measures and a clear retreat strategy if the situation deteriorates.

Other:

The Bull Market does not end and altcoins will develop within 5 years in the Internet shares: Cryptoquant CEO Ki Young Ju

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