Michigan eyes Bitcoin reserve, joins growing state trend

Jacob Lazurek Coinpaprika

Michigan lawmakers have advanced a bill that could let the state hold up to 10% of its funds in Bitcoin (BTC), marking its first progress in seven months.

Michigan’s plan to establish a state-run Bitcoin (BTC) reserve is moving forward after months of delay. House Bill 4087, introduced in February, cleared initial hurdles this week and was referred to the Government Operations Committee. If passed, the law would authorize the state treasurer to allocate up to 10% of Michigan’s general and stabilization funds into cryptocurrency, with strict rules for custody and security. The measure is backed by Republican Representatives Bryan Posthumus and Ron Robinson and mirrors similar moves in Texas, New Hampshire, and Arizona, where state-level Bitcoin reserve laws are already in place.

Currently, around 47 states have proposed or considered Bitcoin reserve legislation, and about 26 still have active bills in progress. On the federal level, the U.S. House has also asked the Treasury Department to study the feasibility of a national Bitcoin reserve, focusing on custody, cybersecurity, and accounting standards.

Author

Jacob Lazurek

Coinpaprika

In the dynamic world of technology and cryptocurrencies, my career trajectory has been deeply rooted in continuous exploration and effective communication.

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