The state of Wyoming is introducing new legislation to allow permanent funds to diversify into Bitcoin, paving the way for a Bitcoin reserve. According to WY Senator Cynthia Lummiswill the proposal “benefit our state as we lead the nation in financial innovation!”
JUST IN: 🇺🇸 Wyoming introduces legislation to allow permanent funds to diversify into Bitcoin, says Senator Cynthia Lummis.
— Watcher.Guru (@WatcherGuru) 17 January 2025
Recently, Senator Lummis and Donald Trump’s Treasury Secretary-elect Scott Bessent met to discuss the US’s potential strategic Bitcoin reserve. Senator Lummis has been a strong proponent of establishing a Bitcoin reserve in the United States. She and other US senators introduced the bill to the Senate last year, saying Bitcoin as a reserve asset could save the US economy.
In his campaign for re-election this year, Donald Trump turned out to be the first true pro-crypto presidential candidate. He had constantly embraced the asset class on the campaign trail. In addition, he called for the United States to eventually become the crypto capital of the world. When he emerged victorious, the crypto market responded with elation. Just a month after the race was called, Bitcoin reached a six-figure price for the first time in history.
Part of Trump’s campaign involved endorsing this Bitcoin reserve, something no other US president has done before. Therefore, there is tremendous optimism that the bill will pass. In addition, other government representatives are also jumping on the Bitcoin hype bandwagon. Recently, Oklahoma and California began working on pro-Bitcoin legislation, with the latter officially introduce Strategic Bitcoin Reserve Act. Oklahoma State Representative Cody Maynard officially announced the introduction of the state’s “Strategic Bitcoin Reserve Act” this past Wednesday.
The more US states that propose this type of pro-Bitcoin legislation, the more likely the cryptocurrency will become a national reserve currency.
