Oklahoma Lawmakers Push Bitcoin Investment Bill Forward as BTC Falls Below $90,000
The Oklahoma State House Committee has voted to advance a bill that would allow the state treasury to invest 10% of public funds in Bitcoin and other large-cap digital assets. House Bill 1203, also known as the Strategic Bitcoin Reserve bill, passed with a 12-2 majority vote and will now move to the full House of Representatives for consideration, according to a report from CryptoNews.
The bill, filed by Representative Cody Maynard, proposes allowing state investment in Bitcoin or other digital currencies that maintain a market value of over $500 billion. Dennis Porter, founder and CEO of Satoshi Act Fund, shared news of the bill's progress on social media, thanking Rep. Maynard for his leadership on the legislation.
This development comes during a challenging period for cryptocurrency markets. On February 25, Bitcoin's price fell below $90,000 for the first time since November 2024, dropping 6.78% and triggering broader market declines. As of press time, Bitcoin has recovered slightly with a 1.15% increase but remains below the $90,000 threshold, trading at $89,236.
Oklahoma joins a growing number of states considering similar Bitcoin reserve legislation. According to the Bitcoin Reserve Monitor, at least 25 U.S. states have introduced strategic Bitcoin reserve bills, with:
- 18 state legislations still pending
- 2 bills under consideration
- 5 proposals already rejected
The Strategic Bitcoin Reserve bill was first introduced to Oklahoma's House of Representatives on January 16. This is not the state's only Bitcoin-related legislation under consideration. On January 9, State Senator Dusty Deevers filed Senate Bill 325, dubbed the "Bitcoin Freedom Act," which would allow Oklahoma workers to receive payment in Bitcoin and permit businesses to accept Bitcoin payments from clients.
The advancement of HB 1203 represents a significant step toward potential state-level Bitcoin adoption, even as cryptocurrency markets experience volatility.
Meanwhile, private firms continue to expand their Bitcoin holdings despite market fluctuations. Hong Kong-based investment firm HK Asia Holdings Limited recently increased its Bitcoin portfolio to 8.88 Bitcoin, according to a February 23 announcement.
The company's initial purchase of 1 Bitcoin caused its share price to surge nearly 93% when markets reopened on February 17, prompting the board to approve additional investment. HK Asia has now invested approximately $861,500 in Bitcoin at an average cost of $97,021 per coin, with its stock price gaining 1,700% in value this year as investors respond positively to its cryptocurrency strategy.
