New Mexico Senator submits Bitcoin Strategic Reserve Act, proposing to allocate 5% of public funds

ChainCatcher News, U.S. Senator Ant Thornton has submitted the "Strategic Bitcoin Reserve Act" to the New Mexico Senate, proposing to invest 5% of public funds in Bitcoin, aiming to establish an alternative treasury for the state. The proposed 5% allocation would diversify the state's funds and allow it to benefit from the long-term appreciation of Bitcoin's price.

The bill also proposes that the Bitcoin reserve be managed by the state investment officer and operate under the oversight of the state investment council. The bill further outlines the necessity of cold storage as a viable means to protect the state's Bitcoin.