Kentucky has now become the 16th U.S. state to introduce its own local Bitcoin reserve bill.
The bill would allow investing up to 10% of state funds in digital assets whose market cap exceeds $750 billion.
While the reserve would not be restricted to Bitcoin, the flagship cryptocurrency is the only digital asset that fits the aforementioned requirement.
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Missouri and Iowa introduced similar bills on Thursday.
Meanwhile, Utah’s Bitcoin reserve law (HB230) recently passed the House and moved to the Senate. It is currently leading the race.
Notably, this is the first strategic Bitcoin reserve bill (SBR) to pass a chamber vote (House or Senate).
Not a single SBR bill has been enacted so far.
However, it is worth noting that bills have already failed in North Dakota and Wyoming. WY HB201 did not manage to pass a committee vote, and ND HB1184 failed a vote in the House.
Meanwhile, the odds of a national Bitcoin reserve bill being created in 2025 have dipped to 45% on Polymarket.
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