South Dakota Rep Pushes Bitcoin Reserve Bill

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
January 28, 2025

In the latest post on X (formerly known as Twitter), South Dakota State Representative  Logan Manhart said that he would introduce a bill to the South Dakota House to create a strategic bitcoin reserve.

After this post, the newly appointed representative officially ed a growing movement among U.S. states as six states proposed a bill to establish a Strategic Bitcoin Reserve. He urged lawmakers to engage in the discussion. 

If ed, South Dakota could further legitimize Bitcoin’s role in state treasuries, helping the cryptocurrency gain mainstream adoption. The formation of SBR could also trigger a rally in BTC, boosting its price and market capitalization further amid existing bullish momentum. 

Will Trump’s Order Cement Bitcoin Reserve Plans?

U.S. President Donald Trump has signed an executive order aimed at advancing cryptocurrency adoption and boosting blockchain innovation. The order directs federal agencies to assess ways to integrate digital assets into the economy and develop a national digital asset stockpile to strengthen the financial stability of the nation amid record-breaking inflation and national debt. 

The executive order has given hope to millions of crypto lovers who want to see Bitcoin as a national reserve along with other assets like Gold. 

Trump’s executive order contains the scope or structure of what may be under consideration. The authority under David Sacks, Trump’s newly appointed crypto and AI czar, was directed to assess potentially deriving a stockpile from cryptocurrency seized through law enforcement efforts.

At present, the country has around 200,000 Bitcoins under its seize, worth about $21 billion at current prices, according to bitcointreasuries.net. However, it is unclear what legal process would be required to move them out of the Justice Department.

Also Read: Bitcoin Stabilizes Over $100K Mark Amid Institutional Investments

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.