Illinois pushes for strategic Bitcoin reserve with 5-year hodl strategy
2025-01-30
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Illinois became the latest US state to advance a Bitcoin strategic reserve bill, seeking to deploy the world’s first cryptocurrency as a financial savings technology.
Introduced by Illinois State Representative John Cabello, House Bill 1844 (HB1844) proposes the creation of a strategic Bitcoin (BTC) reserve as a “special fund in the state treasury for the purpose of holding Bitcoin as a financial asset.”
Notably, the bill proposes a minimum five-year Bitcoin holding strategy after the creation of the fund, according to the filing:
After the five-year holding period, the state treasury would be allowed to “transfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the Fund.”
The bill was referred to the Rules Committee on Jan. 29, to establish the final regulatory details and await full approval by lawmakers.
Illinois’ Bitcoin bill comes a day after the Arizona Senate advanced its Bitcoin reserve legislation, which seeks to allow public funds and pensions to invest in Bitcoin.
Bitcoin Reserve will see state-by-state approach in “bold step” for TradFi integration
Illinois’ Bitcoin Act is a “step in the right direction” for Bitcoin adoption in the US, according to Mouloukou Sanoh, co-founder and CEO of MANSA, a decentralized payment network.
The decision “aligns with President Donald Trump’s broader vision of creating a Bitcoin reserve,” Sanoh told Cointelegraph, adding:
While Illinois’ move may inspire other states to follow suit, nationwide approval will likely be slower, depending on regulatory clarity and market stability, explained Sanoh:
Texas Lieutenant Governor Dan Patrick announced the state’s 2025 legislative priorities on Jan. 29, which included a proposal to establish a Texas Bitcoin Reserve.
Two public officials in Texas have introduced legislation to create a Bitcoin reserve in the Lone Star State.
Bitcoin in U.S. Reserves: Could It Drive Prices to $500K? Source: YouTube