Recently, Republican Senator Peter Durant of Worcester County, Massachusetts, introduced legislation to establish a Bitcoin strategic reserve. Notably, the Worcester County native joined Texas, Pennsylvania and Oklahoma among states considering similar bills. Additionally, Massachusetts is the first traditionally Democratic state to consider legislation allowing cryptocurrency investments. The proposal suggests using part of the state’s $9 billion rainy day fund to buy Bitcoin, with a 10% cap on the amount that can be invested in the cryptocurrency. The bill emphasizes that Bitcoin would represent only a small portion of the state’s portfolio and not a complete divestment.
