South Dakota Proposes Bitcoin Reserve Bill to Invest State Funds
- Rep. Logan Manhart introduced a bill allowing the South Dakota State Investment Council to invest in Bitcoin (BTC).
- The bill caps investments in BTC at 10% of available funds.
- BTC could be held directly, through qualified custodians, or as exchange-traded products (ETPs).
- The proposal includes security measures such as exclusive control over private keys and hardware encryption.
- If passed, South Dakota would join Texas and Arizona in holding Bitcoin reserves.
This legislative move aligns with a growing trend among U.S. states to adopt cryptocurrencies as reserve assets, reflecting a shift towards digital finance solutions.
Should the bill pass, the state could potentially allocate up to 10% of its investment portfolio to Bitcoin, enhancing its financial strategy alongside traditional assets.
