Massachusetts Proposes Bitcoin Strategic Reserve Bill

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In a latest development, Republican Senator Peter Durant of Worcester County, Massachusetts, has introduced legislation aimed at establishing a Bitcoin strategic reserve. Notably, the Worcester County native joined Texas, Pennsylvania, and Oklahoma as states considering similar bills. Also, Massachusetts is the first traditionally Democratic state to consider legislation allowing cryptocurrency investments. The proposal suggests using part of the state’s $9 billion rainy day fund to buy Bitcoin, with a 10% cap on how much can be invested in the cryptocurrency. The bill emphasizes that Bitcoin would be a small portion of the state’s portfolio, not a full divestment.