Bitcoins
On February 13, representatives Bryan Posthumus and Ron Robinson filed HB 4087, a bill aimed at establishing a strategic Bitcoin reserve.
This makes Michigan the 20th U.S. state to propose similar legislation related to crypto reserves. This underscores the growing trend of states exploring digital assets as part of their investment strategies to a crypto reserve bill.
Michigan Eyes Crypto Leadership with Bold Treasury Bill
Posthumus is eager for Michigan to follow in Texas’ footsteps, saying the state should lead on crypto policy. His bill would allow Michigan’s treasurer to invest in crypto from both the general fund and economic stabilization fund, with a cap of 10%. However, the bill does not outline which specific cryptocurrencies could be bought for the reserve, leaving room for future flexibility. Another key feature of the bill is the provision for lending out crypto. The bill permits the state to loan out cryptocurrency as long as it doesn’t increase financial risks, allowing the state to generate additional yields.
The proposed bill also includes measures for ensuring the state’s crypto holdings are safely managed. The state would have to store crypto through secure custody solutions or exchange-traded products from registered investment companies. Michigan’s state pension fund already has exposure to Bitcoin and Ether through exchange-traded funds. It gives the state a foot in the door to digital assets.
Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve. https://t.co/x2Yke3uWTn
— Rep. Bryan Posthumus (@posthumus_bryan) February 13, 2025
Posthumus also floated the idea of creating a state-backed stablecoin, which he calls “MichCoin“. That would be tied to Michigan’s gold and silver reserves. This concept would further cement the state’s commitment to embracing digital currencies as part of its financial future.
More About Bitcoin Bills
Texas’ “Strategic Bitcoin Reserve” bill is gaining momentum, with a hearing date set for February 18th. This marks a critical step toward the state potentially investing in Bitcoin as part of its financial strategy.
BREAKING: The ‘Strategic Bitcoin Reserve’ bill in Texas has received a hearing date on February 18th – Thank you to @LtGovTX for making this bill a priority. pic.twitter.com/60Sq2bO3DC
— Dennis Porter (@Dennis_Porter_) February 13, 2025
The bill, which aims to establish a reserve of Bitcoin, reflects Texas’ ongoing efforts to position itself as a leader in crypto adoption and policy. If successful, the legislation could pave the way for Texas to solidify its role as a trailblazer in integrating digital assets into state governance.
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