Illinois Advances Bill for Strategic Bitcoin Reserve with Five-Year Holding Strategy

Illinois is making strides toward becoming the first state to establish a strategic Bitcoin reserve. The state’s HB1844 bill, introduced by Representative John Cabello, proposes the creation of a state-run Bitcoin reserve within the state treasury. The bill mandates a minimum five-year holding period for any Bitcoin purchased, after which the state treasury would have the ability to convert, sell, or transfer the Bitcoin to another cryptocurrency. The proposal is a bold move to integrate Bitcoin into the state’s financial framework and could position Illinois as a pioneer in the adoption of digital assets by public institutions. 

Other Areas Considering Bitcoin Reserves:

If passed, Illinois would be a leader in the growing trend of states exploring cryptocurrency as a long-term financial asset. Arizona, Ohio, and Texas are also exploring similar legislation. Arizona's Strategic Bitcoin Reserve Act and Ohio's proposed Bitcoin Reserve Act aim to allow public funds and pensions to invest in Bitcoin, while Texas is prioritizing the creation of a Bitcoin reserve as part of its 2025 legislative agenda. These state-level initiatives reflect a broader movement toward integrating Bitcoin into traditional financial systems.