Oklahoma became the latest state to formally consider establishing a strategic Bitcoin reserve on Wednesday, following the lead of President-elect Donald Trump’s assertion that the federal government should create a similar stockpile.

Cody Maynard, a Republican member of Oklahoma’s House of Representatives, put forth legislation today that, if approved this upcoming session, would allow state savings accounts and pension funds to invest in digital assets like Bitcoin beginning in November. 

The bill allows for Oklahoma’s state treasurer to invest public funds in any digital asset that has averaged greater than a $500 billion market capitalization over the previous calendar year. Currently, only Bitcoin—which boasts a market cap of $1.97 trillion—meets that requirement. The next-closest cryptocurrency, Ethereum, sits at a $410 billion valuation at writing.

The bill also permits Oklahoma’s tre

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Author: Sander Lutz