Key Points
- New Mexico is the latest U.S. state to propose a bill for a Bitcoin Reserve.
- The odds of a national Bitcoin Reserve in the U.S. have dropped below 50% according to Polymarket.
New Mexico has recently become a part of the Bitcoin Reserve movement in the U.S., joining 14 other states that have proposed similar bills. This movement has gained momentum since the presidential election of Donald Trump.
The New Mexico Reserve bill, if passed, would allow the state to allocate 5% of public funds towards buying Bitcoin. This bill was introduced by Senator Anthony Thornton on February 4th and is currently under review by the Senate Taxation, Business, and Transportation Committee.
The U.S. Bitcoin Reserve Race
Other states, such as Wyoming, have also made strides in their plans for a Bitcoin Reserve. If Wyoming’s bill is approved, the state could invest approximately $300M in Bitcoin as a means of diversifying its reserve investments.
According to Bitcoin Laws, a website that tracks Bitcoin Reserve legislation, there have been developments in Bitcoin Reserve bills in 15 states. However, most of these bills are still in the introductory stage or awaiting the committee’s first reading. None of these bills have been enacted as of yet.
In some states, like North Dakota and Wyoming, the bills did not advance. However, Arizona has made some progress, with its bill moving to the general floor for a vote.
On a national level, President Trump’s crypto czar, David Sacks, has confirmed that the president asked him and the relevant working group to consider the idea of a national Bitcoin Reserve. Although there is no specific timeline for this national reserve, the president has instructed the working group to provide a framework within 180 days for establishing a ‘national digital stockpile’.
As of now, the odds for a national Bitcoin Reserve in the U.S. by 2025 are less than 50%, according to Polymarket. This suggests that the possibility of a positive outcome has not been fully factored into the price of Bitcoin.