Michigan Introduces Bill for Strategic Bitcoin Reserve

Michigan is the latest state in the US to introduce a bill for a strategic Bitcoin reserve, making it the 20th state to do so. Representatives Bryan Posthumus and Ron Robinson presented HB 4087 on Feb. 13 to establish a strategic Bitcoin reserve under the state’s Management and Budget Act. The bill allows Michigan's treasurer to invest in crypto from the general fund and economic stabilization fund, with a maximum of 10%. There are currently 20 US states with pending legislation for state crypto investments, following Texas' lead. Posthumus also suggested the creation of "MichCoin," a stablecoin tied to the state's gold and silver reserves.