States Consider Bitcoin Reserves

This is a South Dakota news story, published by MSN, that relates primarily to Bitcoin news.

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State Bitcoin reserves

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strategic Bitcoin reserve

Fortune

•

Business

Business & Economics

15 states are considering a strategic Bitcoin reserve: Here’s what you need to know

Summary

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75% Informative

Fifteen states in total have introduced or passed bills that seek to create Bitcoin reserves.

A Bitcoin reserve would be a government-owned and operated stash of the crypto coins, similar to stores of gold or oil.

Supporters argue that Bitcoin could potentially serve as a way for states to diversify their financial portfolios.

But some fear the new trend is just an attempt to capitalize on crypto’s newfound political clout.

However, voters may balk at the idea of the government dabbling in crypto, and legislators could face an uphill battle. Ben Wiener , one of the founding members of the South Dakota Blockchain Institute , says that while he understands the argument for a national Bitcoin reserve, legislators will have to frame a state-level reserve in such a way that makes it sound like a win for everyone. “It's gonna be a tough sell in South Dakota ,” he said. This story was originally featured on Fortune.com .

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Informative language

Neutral language

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semi-formal

Language

English

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not offensive

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not hateful