Jordan Teuscher, a Republican Representative from Utah, filed a legislative initiative this week that, if approved, would result in the constitution of a Bitcoin strategic reserve by the state.
The Blockchain and Digital Innovation Amendments have been introduced and submitted to a first reading in the Utah State Legislature. The amendment proposes to authorize the state treasure “to invest certain public funds in qualifying digital assets.”
In addition, it would give the treasurer the capacity to stake and lend digital assets by following specific guidelines outlined in the bill.
Thank you, @martypartymusic, for highlighting our efforts! Utah is proud to lead the way in blockchain and digital innovation. This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring fiscal sovereignty. https://t.co/4WsPkiBnk0
— Jordan Teuscher (@jordanteuscher) January 21, 2025
Among the most interesting provisions included in the bill, it defines “qualifying digital assets” as those whose market capitalization has been above $500 billion in the past 12 months.
At the time of writing, only Bitcoin (BTC) meets that criteria, while Ethereum could make it to the list if its market cap increases by at least 25% in the next few months.
About the bill, Rep. Teuscher commented: “Utah is proud to lead the way in blockchain and digital innovation.”
Utah’s Treasurer Administers a $31BN Investment Fund
Four different investment funds administered by the state treasurer could be used to set up and invest in this strategic reserve, including the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account, and the Medicaid Growth Reduction and Budget Stabilization Account.
The treasurer would be authorized to invest up to 10% of the public funds held in those accounts. Although the specific size of these funds is hard to estimate based on publicly available information, the Utah Public Treasurers’ Investment Fund had $31.1 billion in assets by the end of September last year.
Also read: Best Bitcoin & Crypto Casinos in 2025
For custody, the program’s administration can either engage in self-custody or rely on a qualified custodian that the state has vetted.
If this amendment is approved, Utah will be the latest state to join a growing chorus of local governments pursuing the establishment of similar funds as President Donald Trump has vowed to create a federal strategic reserve.
In the past 24 hours, the price of Bitcoin has retreated by 1.3% and is just 4.8% away from its January 20 all-time high of $109,114 per coin.
A bullish pennant pattern is still in play for BTC, and it should be confirmed if the price climbs above the $108,000 area once again in the next few days. Meanwhile, the Relative Strength Index (RSI) continues to be on an uptrend, meaning the asset still enjoys positive momentum.
Wall Street Pepe ($WEPE) Could Outperform Bitcoin in 2025
With only 24 days until its presale event ends, Wall Street Pepe ($WEPE) could soon claim the title of best-performing initial coin offering (ICO) of the year as it has raised $55.4 million from investors in less than two months.
The success of the original Pepe the Frog meme, which delivered gains of over 1,000% last year, and the positive performance of other PTF-themed assets like Pepe Unchained ($PEPU) have paved the way for $WEPE to send shockwaves across this growing space.
The Wall Street Pepe project aims to build a strong community of like-minded traders who understand the power that a collective has to move the needle in the crypto market. Whales have dominated the narrative for too long but the $WEPE army will challenge the status quo by rallying behind the best opportunities and HODL them until whales capitulate.
$WEPE is currently available at a discounted price of $0.0003665 to position early buyers to reap the highest returns once the asset is listed on exchanges. Analysts agree that the huge success of its presale event is a clear signal the token could be picked up by one or more top-tier exchanges in the next stage.
To buy $WEPE, visit the Wall Street Pepe website and connect your wallet. You can either convert USDT, ETH, or BNB or use a bank card to complete the transaction.
With less than a month away from the end of this presale, you still have time to join the $WEPE army and beat whales at their own game.
