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🔥 Day 8 Hot Topic: XRP ETF Goes Live
REX-Osprey XRP ETF (XRPR) to Launch This Week! XRPR will be the first spot ETF tracking the performance of the world’s third-largest cryptocurrency, XRP, launched by REX-Osprey (also the team behind SSK). According to Bloomberg Senior ETF Analyst Eric Balchunas,
The possibility of billions of dollars worth of Bitcoin in the US is increasing: Another one has arrived! - Coin Bulletin
Interest in Bitcoin investments among states in the US is increasing, while Michigan has put a new bill on its agenda aiming to establish a cryptocurrency asset reserve.
Michigan House of Representatives members Bryan Posthumus and Ron Robinson, on February 13, introduced bill 'HB 4087' allowing state funds to invest in crypto assets like Bitcoin (BTC). This bill authorizes the Michigan treasury to invest up to 10% of general and economic stability funds in crypto assets.
Strategic move from Michigan to crypto
Posthumus, in a statement on social media platform X, said, "Michigan should lead in crypto policies along with Texas, and we can achieve this with this bill". The bill specifies that investment should be made directly through secure storage solutions or products traded on the exchange. In addition, the state treasury is also allowed to lend crypto assets without increasing risk.
Michigan had previously established a commission in 2022 to support the crypto and blockchain fields. This new move indicates the increasing interest of states in the United States in crypto assets. While states like North Carolina, Ohio, and Texas are taking similar steps, North Dakota stands out as the only state rejecting these initiatives. Efforts in this area gained momentum after Donald Trump, known for his crypto-friendly policies, took office.
Crypto reserve move reached 20
With the introduction of this bill by Michigan, the number of states in the US aiming to create a cryptocurrency reserve has reached 20. This represents a significant milestone in the acceptance of cryptocurrencies as an investment tool at the state level. This movement initiated by pioneering states like Texas and North Carolina has resonated widely across the country and opened the door to new bills.
Asset manager VanEck predicts that the enactment of the Bitcoin (BTC) reserve bill, which is proposed in 20 states in the US, could bring billions of dollars of new purchases to the market. According to the analysis conducted by VanEck, if the proposed bills are enacted, an approximately 23 billion dollars, or around 242,700 BTC, purchase could be realized.