Michigan recently took an important step in the field of encrypted currency policy, to become the latest American country suggest Create a strategic bitcoin reserve.
On February 13, actors, Brian Potomos, and Ron Robinson HB 4087, a draft law aimed at amending the state’s budget management law. This proposed legislation will allow Michigan to create a bitcoin reserve using funds from the state’s general and economic stability accounts.
Michigan joins an increasing list of states that are considering the reserve bill
The initiative is part of a wider trend in which countries are considering all parts of the country on encryption reserves as a means of diversification and long -term financial planning. Michigan’s move brings the total number of American states with similar legislation to twenty.
Posthumus, an explicit lawyer for the adoption of encryption initially expressed his enthusiasm for the Elon Musk social media platform, and encouraged Michigan to join states like Texas in encryption policy initiatives.
Interestingly, the Senator of Texas Charles Schroitard has submitted a draft law similar to the Senate in Texas just one day before Michigan’s proposal.
Michigan can join and must join Texas in the leadership of the encryption policy by signing the strategic My Michigan Crypto bill.
Posthumus (posthumus_bryan) February 13, 2025
The main provisions and potential impact
Under the proposed legislation, the Fund Secretary of Michigan will have the authority to allocate up to 10 % of the state and economic stability funds in the state in encrypted currencies.
The draft law also includes provisions for lending to the state’s encryption, provided that such transactions do not increase the financial risks. In addition, Michigan’s encryption investments will be needed with safe nursery solutions or products circulating on the stock exchange issued by registered investment companies.
It is worth noting that this proposal reflects an increasing recognition between the strategic value cases that the digital assets may make. Michigan’s retirement pension fund is already exposed to Bitcoin and ETHEREUM through the boxes circulating on the stock exchange, indicating a current interest in Blockchain’s investments.
In addition to the proposed Bitcoin reserves, posthumus of the state -backed Stablecoin idea, which is called “Michcoin”.
This virtual digital currency will be linked to Michigan’s current gold and silver reserves, providing an approach to the benefit of the state -controlled assets in a Blockchain environment.
So what is Michcoin?
It is Stablecoin, which I think Michigan should create.
– It will have a real value – linked to gold and silver reserves.
– It can become the strongest financial assets in our state date. pic.twitter.com/15n0h3wy2x
Posthumus (posthumus_bryan) February 13, 2025
If a year, the Michigan Bill will define the state with other judicial states to explore or enact investment in encryption. While twenty states now have similar legislation progressing through legislative bodies, Michigan’s potential adoption of the Bitcoin Reserve can put a precedent for others who are still on the fence.
A distinctive image created with Dall-E, the tradingView chart
