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Cynthia Lummis announced her proposal for a strategic Bitcoin 
$110,595 reserve during her election campaign. The Bitcoin conference in 2024 witnessed significant moments with former President Trump. He managed to keep some of his promises regarding cryptocurrencies after taking office. But what has happened to the strategic Bitcoin reserve?
Current Status of Bitcoin Reserves in the US
The United States has yet to use Bitcoin as a reserve asset. There are actions being taken, or yet to be taken, at both the state and federal levels. Twenty-five states, representing half the country, have initiated laws related to Bitcoin reserves. Some are still in preparation, while others are in progress.
The recognition of BTC as a reserve asset in the US could open the door to significant changes globally. Even today, the Czech Central Bank is considering adding BTC to its reserves. Japan is also discussing similar topics.
Recent Developments on Bitcoin Reserves
Four states—Montana, North Dakota, South Dakota, and Ohio—have rejected Bitcoin reserve proposals at the state level. In a review from January, it was noted that Trump needed to persuade party members due to his control over the House and Senate. Many Republicans voted against these proposals, indicating a lack of consensus within the party on this issue, making federal-level progress more difficult as well.
Interestingly, all four states that rejected the reserve bill are Republican strongholds. Ohio is particularly notable as it is home to Senator Cynthia Lummis, a prominent advocate of the national Bitcoin Reserve Bill.
The Bitcoin reserve bill must pass through three stages at the state level before it can be enacted:
- Review and voting in the House special committee followed by a general House vote.
- Senate committee review and voting followed by a general Senate vote.
- The bill must be signed by the Governor or the President at the federal level.
So far, the process has seen proposals from Montana and North Dakota rejected at the voting stage. Ohio and South Dakota did not even reach the official voting phase, as the proposals were dismissed in the committee stage.
Ohio’s case illustrates the difficulties faced in advancing Bitcoin reserve legislation. Despite his crypto-friendly stance, Patrick Fleming, a member of the committee and Chief Investment Officer, voted against due to volatility concerns. He expressed that while Bitcoin has been a solid investment, its extreme volatility makes it unsuitable for state financial investments.
Are there any good news? Utah stands out as a prime example, where the House vote passed, and the Senate committee review was completed. Arizona and Oklahoma are still at the House voting stage, with Oklahoma’s vote expected soon.
If states like Utah, Oklahoma, and Arizona make progress in the coming days, it could improve overall sentiment and increase the chances of federal approval.
According to Polymarket data, there are still substantial expectations for approvals of reserves this year.
