On February 6th, COINOTAG News reported that U.S. Senator Ant Thornton has introduced the Strategic Bitcoin Reserve Act in the New Mexico Senate. This pioneering initiative aims to allocate 5% of public funds into Bitcoin, thus establishing a contemporary treasury model for the state. By implementing this 5% investment, New Mexico could effectively enhance its portfolio diversification and take advantage of Bitcoin’s potential for long-term capital appreciation.
The bill stipulates that the management of this Bitcoin reserve would fall under the purview of the state investment officer, ensuring stringent compliance with regulations by operating within the established framework of the state investment council. Furthermore, it emphasizes the critical importance of utilizing cold storage solutions to protect the state’s Bitcoin holdings securely, thereby mitigating risks associated with volatility and cybersecurity threats.
Source: https://en.coinotag.com/breakingnews/new-mexico-senate-proposes-strategic-bitcoin-reserve-act-to-invest-5-of-public-funds-in-bitcoin/