Michigan has just proposed a bill for a strategic Bitcoin reserve, contributing to a growing list of 20 states advancing legislation related to cryptocurrency reserves.
On February 13, Representatives Bryan Posthumus and Ron Robinson introduced HB 4087, a bill that aims to amend the state's Management and Budget Act to establish a strategic Bitcoin reserve.
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With this proposal, Michigan becomes the 20th US state to have pending legislation regarding state investments in cryptocurrencies.
The Michigan bill would allow the state treasurer to invest in cryptocurrencies using funds from both the general fund and the economic stabilization fund, with a 10% investment cap.