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- New Mexico has proposed to invest 5% of public funds in Bitcoin under the Strategic Bitcoin Reserve Act, which aims to create a secure alternative treasury with strict oversight.
- Wyoming, Texas, Utah, and Florida have also taken steps toward integrating Bitcoin into their financial systems and embracing crypto-friendly policies.
Looks like there’s no stopping the Bitcoin reserve movement anytime soon. New Mexico is the latest U.S. state to join the growing trend of Bitcoin adoption, a movement that has gained momentum since Donald Trump’s presidential victory in the 2024 elections.
The state government has introduced Senate Bill 275 (SB275), which proposes allocating 5% of public funds to Bitcoin investments. Named the “Strategic Bitcoin Reserve Act,” the bill was formally introduced by Senator Ant Thornton and is currently awaiting review by the Senate Taxation, Business, and Transportation Committee (STBTC).
With this proposed legislation, New Mexico is looking to expand its investment portfolio beyond traditional assets like stocks and bonds. The responsibility of managing the Bitcoin reserve would fall on the State Investment Officer, who will operate under the guidance of the State Investment Council. To ensure security, the state plans to store Bitcoin holdings in cold storage, a method that protects digital assets from cyber threats.
Senator Ant Thornton believes that creating a state-backed Bitcoin reserve will do more than just diversify investments; it could attract crypto businesses and investors to New Mexico. The proposal includes initiatives to inform the public about Bitcoin and digital asset management, ensuring that New Mexicans understand how these investments will be handled.
More States Moving Toward Bitcoin Reserves
Currently, at least 15 U.S. states, including Alabama and Florida, have launched Bitcoin reserve initiatives. These states are considering ways to allocate public funds to Bitcoin, treating it as a strategic asset similar to gold or foreign reserves.
Reports indicate that South Dakota and Kentucky may soon file similar bills, further expanding the trend of Bitcoin adoption at the state level. Meanwhile, Arizona’s Senate Finance Committee has already approved a bill permitting investment in Bitcoin with public funds, marking a significant milestone in state-driven crypto adoption As we reported, Indiana has also taken a step toward Bitcoin adoption, with Representative Jake Teshka filing the Indiana BTC Bill in late January.
The bill directs the Department of Administration to assess the potential impact of blockchain technology on various aspects of state operations, including consumer experience, data security, and government efficiency.
The surge in state-level Bitcoin adoption aligns with the Federal Government’s broader digital asset strategy. In a press conference held on Tuesday, Crypto & AI Czar David Sacks confirmed that the government is actively evaluating a proposal to establish a national Bitcoin reserve.
However, despite growing institutional and government interest, Bitcoin’s price remains volatile. As of the latest data, Bitcoin is trading at $97,140, showing a 1% decrease in the last 24 hours and a 2% decline over the past week.
