Illinois has taken a daring step by presenting a bill to create a bitcoin reserve, making it one of the first American states to officially recognize Bitcoin as a financial savings tool.
This decision also means that Illinois wants to store Bitcoin in his treasure, just like money in a savings account. The bill, called House Bill 1844 (HB1844), was presented by the representative of the State of Illinois, John Cabello.
He suggests creating a special bitcoin fund in the state treasure. According to the bill, the state treasurer must hold any BTC in this fund for at least five years before deciding what to do with it. After five years, Illinois can choose to sell, transfer or even exchange it for another cryptocurrency.
Why it’s an intelligent decision
Bitcoin’s holding in the context of the financial strategy of a state is a bold and modern decision. Bitcoin is known for its growth potential over time, which means that Illinois could benefit if the price increases. This also helps the State to prepare for a future where digital currencies become more common in finance.
Mouloukou Sanoh, CEO of Mansa, a decentralized payment network, believes that it is a step in the right direction. He says it shows that Illinois is ready to introduce cryptocurrency into traditional finance and pave the way for blockchain innovation.
Illinois wants to add bitcoin to the state wallet
The representative of the State John Cabello has just pushed a bill to start a Bitcoin strategic reserve.
If the bill is adopted, Illinois could hold bitcoin as a state asset – buying largely Bitcoin now and hoping that its value is increasing.
It’s a big decision … pic.twitter.com/donmric2ht
– Mario Nawfal Round Table (@Roundttespace) January 29, 2025
Illinois is not the only state interested in a bitcoin reserve. The Arizona Senate recently advanced its own Bitcoin reserve bill, aimed at allowing public funds and pensions to invest in Bitcoin. Meanwhile, Texas also proposed to create a Bitcoin reserve within the framework of its legislative plans in 2025.
Big Breaking: I can confirm that Arizona has become the 1st State of the country to pass a bill to create a “Bitcoin Strategic Reserve”.
The bill will soon pass to a floor vote in the Senate. Congratulations to the co-sponsors @Wendyrogersaz And @Jeffweninger For their … pic.twitter.com/nujt5hccbz
– Dennis Porter (@dennis_Porte_) January 27, 2025
What is the next step?
The bill was sent to the rules committee for a more in -depth discussion before being able to be approved. In the event of success, Illinois will officially become one of the first American states to hold Bitcoin in the context of its financial strategy. This could encourage other states to do the same, paving the way for a broader adoption of cryptocurrencies across the country.
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