Missouri is one of a handful of states that appears to see greater value in cryptocurrencies
Missouri has joined a growing list of states exploring the idea of holding Bitcoin as part of its financial strategy. Representative Ben Keathley recently introduced House Bill 1217, a proposal aimed at establishing a Bitcoin Strategic Reserve Fund to help diversify the state’s investment portfolio.
Today I filed HB 1217 which would authorize Missouri to hold and accept Bitcoin for state payments. This will help diversify our state’s portfolio while hedging against inflation. #moleg https://t.co/tokLpGlWMJ
— Rep. Ben Keathley (@benKeath) February 7, 2025
The bill, filed on February 6, seeks to give Missouri’s treasurer the authority to receive, invest, and hold Bitcoin under specific conditions. One of its key objectives is to use Bitcoin as a hedge against inflation, offering the state an alternative to traditional fiat-based reserves. If passed, the legislation would allow the state to acquire Bitcoin through both direct investments and donations from government entities or Missouri residents.
A significant aspect of the bill is a long-term holding strategy. Under the proposed framework, any Bitcoin obtained through the reserve fund would have to be stored for at least five years before being used or liquidated.
The legislation also suggests that all government agencies in Missouri accept cryptocurrency for payments, including taxes, fines, and fees. However, payers would need to cover transaction fees associated with using digital currency.
Missouri’s initiative mirrors similar efforts in other states, particularly Utah, where House Bill 230 recently moved forward in the legislative process. That bill would authorize the state treasurer to allocate up to 5% of certain public funds to digital assets like Bitcoin and stablecoins. Across the country, at least 16 states are currently discussing similar proposals, with some advancing faster than others.
The fate of Missouri’s bill remains uncertain, as a second hearing has yet to be scheduled. If approved, the legislation is set to take effect on August 28, potentially positioning the Show Me State as one of the leading states in government-backed Bitcoin adoption.
