Bitcoin represented as a physical coin
Utah’s House of Representatives narrowly passed House Bill 230 with 38 votes in favor, 34 against, and 3 not voting. The approval brings Utah one step closer to being the first state to have a so-called Bitcoin reserve.
Officially called HB230 Blockchain and Digital Innovation Amendments, it was proposed by Representative Jordan Teuscher to authorize the state’s treasurer to allocate up to 5% of certain public funds to buy “qualifying digital assets.” It had passed the state’s House Economic Committee by an 8-1 vote to make it onto the House floor.
Also called the Utah Strategic Bitcoin Reserve Bill, HB 230 will be voted on by the Utah Senate. If the bill passes with a majority vote, it will go to Governor Spencer Cox’s desk for signature.
Bitcoin is a blockchain-based cryptocurrency with a market capitalization of nearly $2 trillion. President Trump had campaigned on the promise of creating a strategic bitcoin reserve similar to the country’s strategic petroleum reserve.
