In a notable pro-crypto initiative, the Wyoming Highway Patrol Association is considering the integration of Bitcoin (BTC) into its financial strategy, potentially allowing the association to hold the world’s leading cryptocurrency on its balance sheet.
Senator Cynthia Lummis Praises Bitcoin Initiative
According to reports, this effort is part of the “Get Off Zero” initiative launched by Proof of Workforce, an organization dedicated to providing Bitcoin education to labor unions, pension funds, and other groups.
Wyoming Senator Cynthia Lummis, a prominent advocate for Bitcoin and a recipient of substantial campaign contributions from the industry, expressed her enthusiasm for the initiative. “This is so cool,” she remarked, emphasizing the importance of empowering Americans with tools to safeguard the value of their hard work.
“The goal with this stuff is to help Americans access tools to realize and protect the full value of their effort, their blood, their sweat, and their tears,” she added, underscoring the potential benefits of BTC for workers.
While the association has not disclosed specific details regarding its strategy or objectives related to Bitcoin, Vice President Austin Bluemel stated, “We are excited to explore Bitcoin as a network and asset, to evaluate ways it can further support our organization and its members.”
Dom Bei, the founder of Proof of Workforce, echoed this sentiment, noting that “Bitcoin continues to protect the time and energy of those who protect us.”
He likened the reliability of BTC to the stability needed in “chaotic and unpredictable emergency situations,” suggesting that it can serve as a long-term financial tool amidst the uncertainties of a fiat-based monetary system.
Allocating 3% Of State Funds To BTC
In addition to the association’s efforts, Wyoming recently proposed the establishment of a strategic BTC reserve, which would allocate up to 3% of state funds to invest in the cryptocurrency.
This initiative is part of a broader movement within the state, where Lummis has also introduced the BITCOIN Act, aimed at creating a Bitcoin reserve at the federal level through Congress, with the aim to halve the nation’s debt.
The concept of a BTC reserve is gaining traction beyond Wyoming. Internationally, discussions are underway in various jurisdictions regarding the potential benefits of integrating Bitcoin into financial strategies.
For example, the head of the Czech Republic’s central bank has recently explored the idea, while a proposed bill in Brazil seeks to diversify its treasury by incorporating Bitcoin.
Despite the growing interest in crypto reserves, market predictions suggest some uncertainty. On the prediction market platform Polymarket, bettors estimate only a 12% chance that President Donald Trump would establish a BTC reserve in the US within his first 100 days in office.
At the time of writing, the market’s leading cryptocurrency is trading at $98,248, recording a slight recovery of 1.2% in both the 24-hour and weekly time frames.
Featured image from DALL-E, chart from TradingView.com
