According to the bill, the Missouri treasurer would be authorized to receive, invest, and hold Bitcoin under specific conditions.

State Payments to Accept Bitcoin

The bill also mandates that all government entities in Missouri accept cryptocurrency for approved uses, including taxes, fees, fines, and other eligible payments. However, transaction fees would be covered by the payees.

Bitcoin HODL Strategy

Keathley’s proposal requires that the state hold all Bitcoin collected for at least five years before making any transactions. This indicates a long-term investment strategy for Missouri.

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If passed, the bill would give the Missouri treasurer the authority to invest in, purchase, and hold Bitcoin using state funds. The proposed effective date for the bill is August 28, subject to further discussions.

Other States Are Also Moving Towards Bitcoin Reserves!

Missouri’s proposal follows similar initiatives in other states. Utah, through House Bill 230, has advanced legislation allowing up to 5% of state public funds to be allocated to Bitcoin, major cryptocurrencies, and stablecoins.

As of February 7, 17 out of 50 U.S. states have begun discussions on establishing Bitcoin strategic reserves.

Utah has made the most progress so far, with Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota also considering similar measures.

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