As California grapples with a rocky economy, the Golden State’s lawmakers have started looking toward digital assets and Web3 protocols as potential lifelines. In a move that might leave you wondering if the next economic boom could come from cryptocurrencies rather than Silicon Valley startups, California’s initiatives to adopt Bitcoin as a strategic reserve are taking shape. With the upcoming Trump administration eyeing Bitcoin, there’s buzz that the currency could become a game changer—not just for individual investors but for the nation as a whole. How might this digital gold shift the economic landscape, and could it put California back on the map as a tech powerhouse? Let’s dive deeper into this developing story. LEARN MORE
Key Notes
- California lawmakers have been exploring ways to adopt digital assets and Web3 protocols to supplement its struggling economy.
- Bitcoin price stands to significantly benefit once the United States adopt a strategic Bitcoin reserve.
The United States is preparing to adopt Bitcoin
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as a strategic reserve under the upcoming Donald Trump administration. Several states – led by Texas and Oklahoma – have proposed a bill to adopt Bitcoin as a strategic reserve.
In a bid to retain its status, lawmakers in California, led by Republican Assembly Member Phillip Chen, have been exploring ways to propose and implement a strategic Bitcoin reserve.
According to an announcement on Friday, the office of Chen has appointed Proof of Workforce, a non-profit organization helping people to adopt Bitcoin, to work on several BTC-tested initiatives, including drafting an official bill for a strategic Bitcoin reserve.