Alabama plans buying Bitcoin
Lawmakers in Alabama proposed a bill to permit the state to use public funds to purchase Bitcoin
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Lawmakers in Alabama proposed a bill to permit the state to use public funds to purchase Bitcoin.
Only digital assets with a market capitalization of at least $750 billion would be eligible to receive up to 10% of the state’s public funds. According to the bill, “the total amount of digital assets invested from any of the funds listed in this section cannot exceed 10% of the fund’s balance at the time of the investment.”
Bitcoin satisfies this requirement. These assets must be held directly by the state treasurer, a qualified custodian, or through exchange-traded products.
Legislators in Alabama want to speed up the legislative process by introducing identical bills in both chambers. As part of their financial reserves, several other US states are considering passing legislation to allocate public funds to Bitcoin.
Bills permitting up to 10% of state funds to be invested in Bitcoin have recently been introduced in Alabama, following similar initiatives in other states. Texas lawmakers proposed creating a Bitcoin reserve to hold Bitcoin as a strategic asset.
States like Wyoming are developing regulations to incorporate digital assets into their financial systems, and they have already passed legislation acknowledging Bitcoin as legitimate property.
Although none of the bills have been passed into law, Arizona and Missouri have also seen attempts to include Bitcoin in their state reserves. States are increasingly adopting Bitcoin alongside more conventional assets, consistent with broader trends in financial policy.
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