Michigan Lawmakers Advance Bill to Allocate State Funds Into Bitcoin

Core Insights - Michigan is reviving its initiative to become a Bitcoin-holding state, with House Bill 4087 allowing the allocation of up to 10% of its general and stabilization funds into Bitcoin and other cryptocurrencies [3][4][9] - The bill has cleared procedural hurdles and is now on the House's second reading calendar, indicating progress in the legislative process [3] - This move aligns Michigan with other states like Texas, New Hampshire, and Arizona that are pursuing similar Bitcoin reserve strategies [4][9] Industry Trends - Over 25 U.S. states are actively reviewing proposals related to Bitcoin reserves, reflecting a growing interest in digital assets at the state level [6] - The U.S. House has advanced a federal bill to study the feasibility of a national Bitcoin reserve, focusing on custody, cybersecurity, and accounting standards [6] - Internationally, countries like the Philippines and Pakistan are also introducing strategic Bitcoin reserve plans, indicating a global shift towards recognizing Bitcoin as a reserve asset [6][8][9] Market Context - Bitcoin is currently trading around $117,000, raising concerns that Michigan may be purchasing at a market peak [4] - The revival of Michigan's bill could prompt neighboring states like Illinois, Ohio, and Pennsylvania to reconsider their own digital asset reserve strategies to remain competitive [5]