Kentucky and Maryland Join Growing List of States Exploring Bitcoin Reserves

The movement to incorporate Bitcoin into state-level financial strategies is gaining momentum, with Kentucky and Maryland becoming the latest states to consider legislation that would allow investment in digital assets. These bipartisan efforts reflect a growing interest in Bitcoin as a potential reserve asset and a recognition of its potential role in state finances.

Maryland's "Strategic Bitcoin Reserve Act": A Direct Approach

In Maryland, Democratic State Delegate Caylin Young introduced the "Strategic Bitcoin Reserve Act of Maryland" on Friday. This bill explicitly calls for the state to establish a Bitcoin reserve, with potential funding coming from the enforcement of certain gambling violations. Unlike some other state-level proposals, this bill specifically names Bitcoin as a target investment.

Kentucky's Bill: Bitcoin by Default?

Meanwhile, in Kentucky, Republican State House Representative T.J. Roberts introduced House Bill 376, a bill that, while not mentioning Bitcoin by name, proposes allowing the state to invest in digital assets and precious metals. However, the bill's stipulation that eligible digital assets must have a market capitalization of at least $750 billion effectively limits the options to Bitcoin.

A Bipartisan Trend: States Across the US Explore Bitcoin

These developments in Kentucky and Maryland highlight a bipartisan interest in exploring the potential benefits of Bitcoin reserves at the state level. They follow in the footsteps of several other states, including Texas, Arizona and Oklahoma, which have introduced or considered similar legislation. So far, only North Dakota has rejected a bill related to building a Bitcoin reserve.