Breaking: Utah Becomes 2nd US State to Approve Strategic Bitcoin Reserve Bill
Highlights
- Utah has approved Strategic Bitcoin Reserve. It will now be presented for the final approval which makes it a legal law.
- Logan Manhart has called this a chance for the government to be proactive.
- It is speculated that the US may also create XRP Strategic Reserve alongside Strategic Bitcoin Reserve.
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.
- UK and US Announce Joint Task force to Boost Collaboration on Crypto Regulation
- Deutsche Bank Predicts Central Banks Could Adopt Bitcoin Alongside Gold by 2030
- Bitget’s Universal Exchange Merges Crypto, Stocks, and RWAs To Offer Global Market Access
- PancakeSwap Launches Crosschain Swaps on Solana Amid Aster DEX Competition
- Payment Giant PayPal Invests In L1 Stable To Expand PYUSD’s Utility
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
