According to Cointelegraph, a new legislative proposal aimed at establishing Bitcoin as a strategic reserve asset was presented by State Representative Cody Maynard to the Oklahoma House on January 15. The proposed bill, called House Bill 1203 or the Strategic Bitcoin Reserve Act, aims to allow Oklahoma's pension funds and savings accounts to allocate a portion of their assets to Bitcoin (BTC) as an inflation hedge.

Representative Maynard emphasized the importance of Bitcoin as a form of decentralized currency, stating that it cannot be manipulated or created by government entities. He described Bitcoin as the ultimate store of value for advocates of financial freedom and sound monetary principles. This move aligns with a broader trend across many states in the U.S., where laws to establish strategic Bitcoin reserve funds are pending and some state pension funds have diversified into Bitcoin amid a growing number of institutions and mainstream entities adopting Bitcoin.

In addition to Oklahoma, other states are also considering similar measures. Pennsylvania lawmakers submitted a proposal in November 2024 that would allow the state treasury to invest up to 10% of its assets in Bitcoin. State Representative Mike Cabell argued for the adoption of Bitcoin diversification strategies similar to those used by private asset managers like BlackRock and Fidelity, highlighting Bitcoin's potential to protect the state's purchasing power against inflation and economic instability.

Texas has also joined this movement with the Texas Strategic Bitcoin Reserve Act, submitted on December 12 by state legislator Giovanni Capriglione. This proposal suggests that the Texas comptroller's office should hold Bitcoin as a reserve asset for a minimum of five years. Meanwhile, North Dakota and New Hampshire introduced their strategic Bitcoin reserve bills on January 10. Notably, New Hampshire's bill uses the term 'digital asset,' indicating the potential to diversify cryptocurrency holdings beyond Bitcoin. Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, noted that North Dakota's bill has 11 co-sponsors.