Missouri Lawmaker Proposes Bitcoin Investment for State

Missouri State Representative Introduces Bitcoin Strategic Reserve Bill

Missouri State Representative Ben Keathley has proposed a bill that, if passed, would allow the state to invest in Bitcoin as a hedge against fiat currency inflation. House Bill 1217, introduced on February 6th, suggests that the state of Missouri incorporate Bitcoin into its investment holdings.

If the bill becomes law, the Missouri State Treasurer would be authorized to "receive, hold, and invest Bitcoin under certain circumstances." This move is part of an effort to diversify the state's investment portfolio and potentially benefit from the growth and volatility of the cryptocurrency market.

The proposal comes as Bitcoin's price has been volatile in recent months, with some investors seeing it as a potential store of value and hedge against inflation. However, others remain skeptical of its long-term prospects and the risks associated with investing in cryptocurrencies.

Missouri is not the first state to consider investing in Bitcoin. In 2021, the city of Miami, Florida, passed a resolution allowing the city to invest up to 5% of its reserves in Bitcoin. Other cities and states have also expressed interest in exploring cryptocurrency investments.

As the regulatory landscape for cryptocurrencies continues to evolve, more governments and institutions are considering how to integrate digital assets into their portfolios. The Missouri bill is a sign that states are increasingly looking at cryptocurrencies as a potential investment option, despite the risks and uncertainties involved.