16 states betting on a U.S. Bitcoin Reserve

Illinois is also working on a Bitcoin strategic reserve bill, aiming to position the cryptocurrency as a financial savings tool. The proposed House Bill 1844, introduced by State Representative John Cabello, seeks to create a strategic Bitcoin reserve as a special fund within the state treasury to hold Bitcoin as a financial asset.

A key feature of the bill is its mandated minimum five-year holding period. After this term, the state treasury would have the flexibility to transfer, sell, appropriate, or convert the Bitcoin into another cryptocurrency.