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International Business Times

Business

Marvie Basilan

INSANE: Utah house passes bitcoin reserve bill what s next - The Real Truth

Bitcoin Utah House Utah United States Donald Trump Spencer Cox

Utah's House passed a Bitcoin reserve bill just weeks after its introduction. (Credit: Kanchanara/Unsplash)

KEY POINTS

Only Bitcoin passes the bill's market cap threshold to become a "qualifying" digital asset
The bill also noted that Utah may hold stablecoins in strategic reserve
Utah passed pro-crypto bills in 2022 and the $BTC reserve bill will now move to the Senate for approval

Utah's House of Representatives on Thursday passed the Bitcoin reserve bill proposed by the state's Rep. Jordan Teuscher last month, marking a significant step forward in the state, potentially allocating a percentage of certain public funds to buy BTC and other cryptocurrencies.

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