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U.S states are shifting their approach to financial wealth preservation, slowly incorporating Bitcoin in addition to gold reserves. With individual state legislation proceedings ongoing, how is the race?
Bitcoin has fought many battles since the birth of cryptocurrencies as the next stage of financial market evolution. During its early days, a negative public sentiment referred to Bitcoin as the currency of scammers and illegal activities. In a surprising turn of events, Bitcoin’s resilience has seen it become a “digital gold” that institutions and governments rush to hold as a strategic asset of wealth presevation.
In the U.S, Arizona state leads the pack, hitting its final stages of bills meant to establish the Strategic Bitcoin Reserve (SBR). Similarly, other states, including Texas, Florida, and New Hampshire, have their bills crossing committee stages, per Bitcoin Laws data.
With inflation becoming a huge economic concern, digital assets like Bitcoin with no centralized control could be the only hedge against economic uncertainties. As a result, we could see more governments globally joining the rush for a piece of this “digital gold”.
[…] a recent move, the U.S state has made a historical move, leading other state governments to adopt Bitcoin as a strategic reserve. According to the SB1025 bill, the state is set to […]
[…] their decisions, the market anticipates positive approaches in the coming months while monitoring committee stages in other […]