Tennessee Plans Strategic Bitcoin Reserve Allocating Up To 10% Of State Funds
Tennessee is proposing a bill, HB1695, to establish a Strategic Bitcoin Reserve, allowing the state Treasurer to invest up to 10% of state funds in Bitcoin. This initiative, designed as an inflation hedge, includes secure custody protocols and restricts holdings to Bitcoin. Following Texas's precedent of integrating Bitcoin into its treasury strategy, Tennessee's bill will undergo legislative scrutiny. Other states like West Virginia and Missouri are also advancing similar proposals to allocate state funds to cryptocurrency reserves, highlighting a growing trend in U.S. state-level Bitcoin adoption.
bitcoinist01/16 22:02
