South Dakota Rep to Introduce Bill for Bitcoin Reserve
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 joined 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.
I am proud to say I will be bringing a bill in the South Dakota House that would create a strategic bitcoin reserve.
Now is one of the few chances government has at being proactive.
Let’s have this conversation!
— Logan Manhart (@ManhartLogan) January 28, 2025
If passed, 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 the Bitcoin Reserve be Formed after Trump Signs the Executive Order?
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
