Illinois is on the verge of becoming the first US state to establish a Bitcoin Reserve as part of its fiscal strategy.
The proposed legislation, known as the Strategic BTC Reserve Act, was introduced by Illinois State Representative John Cabello and referred to the Rules Committee on 29 January 2025.
If approved, Illinois would become the first state to integrate crypto into state-level fiscal policy.
BREAKING :
🇺🇸 U.S. STATE ILLINOIS PROPOSES BITCOIN RESERVE WITH 5-YEAR HODL MANDATE UNDER HB1844.
BITCOIN FOMO IS REAL !!! pic.twitter.com/5x7YhFjH9u
— Ash Crypto (@Ashcryptoreal) January 30, 2025
Illinois’ HB1844 Bill Proposes A State-Run Bitcoin Reserve
Illinois’ HB1844 bill provides that the State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities for deposit into the Fund.
The bill also allows the State Treasurer to transfer, sell, appropriate, or convert to another cryptocurrency any bitcoin in the Fund.
Illinois is not the only state racing for a BTC reserve. Texas also introduced a new bill to establish a strategic BTC reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected BTC held in reserve for at least five years.
“A strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state,” said Republican State Representative Giovanni Capriglione.
In fact, Trump anticipated Bitcoin Reserve to be on the agenda in the first few hours with a BTC executive order right after the inauguration. However, that didn’t happen.
Cynthia Lummis, a US Senator and vocal advocate for Bitcoin, has been pushing for a national Strategic BTC Reserve.
Explore: Czechia Considers Bitcoin Reserve: Time To Buy Even More Altcoins and Meme Coins?
Czechia, Switzerland Among Other Countries Considering BTC Reserve
Czech crypto plans could see Czechia BTC reserve established before the USA. Aleš Michl, the governor of the Czech National Bank (CNB), proposed allocating a portion of the country’s reserves to Bitcoin. He wants the country to invest just 5% of its $145 billion reserve in BTC as part of its diversification strategy.
Meanwhile, the Swiss National Bank (SNB) is facing increasing pressure to include Bitcoin (BTC) in its foreign currency reserves. If the initiative called “For a financially strong, sovereign and responsible Switzerland (Bitcoin Initiative)” gathers 100,00 signatures in 18 months’ time starting 31 December 2024, it will be put to public vote.
Explore: Swiss Central Bank Faces Growing Calls To Hold Bitcoin Reserves
Europe’s French Member of Parliament (MEP), Sarah Knafo, voiced strong support for Bitcoin while opposing the European Union’s plans for a digital euro.
“Yes to a strategic national reserve of Bitcoin,” she insisted.
Explore: European MP Advocates For Bitcoin Reserve, Opposes EU Digital Euro In Parliament
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