A federal bill aiming to allow public funds to be invested by the state treasurer into cryptocurrency and blockchain technologies is in its final stages and awaiting approval. The bill, House Bill 230 is backed by Senator Kirk Cullimore and Representative Jordan Teuscher, and highlights how the most popular form of cryptocurrency, Bitcoin, could be an asset for the state.

Bitcoin has been experiencing unprecedented growth since the election of the current president, who vowed to make America the ‘crypto capital of the planet.’ So much so that it currently has a value of over $82,000. The popularity of cryptocurrencies comes from the many benefits and use cases they provide to investors. Many are drawn to the increased security that comes with digital assets and the tendency the coins have to increase in value over time, while others are more attracted to the way crypto can be utilized in crypto casinos or on Telegram crypto games, where they can play-to-earn substantial rewards.

Utah’s bill has emerged on the back of multiple other similar bills that are being passed in other states across America. Currently, due to the provision that the digital asset must have a market cap of $500 billion, Bitcoin is the only cryptocurrency that can be included in the bill. However, as cryptocurrency becomes more integrated into society, both on a country-wide and global scale, the bill could see other coins added in the future.

Representative Jordan Tuescher has admitted that the bill will be a long-term investment for the government of Utah, drawing attention to the fact that these assets are worth holding on to for an extended period of time, instead of being traded daily on the crypto market.

If passed, the bill will enable the state treasurer of Utah to invest almost 5% of public funds in cryptocurrencies, up to a cap of $60 million.

Zachary Shapiro, the head of policy at the Bitcoin Policy Institute has spoken on the value of Bitcoin in the 21st century. He likens it to gold, but in reference to its digital quality states, “It’s like a gold that you could email.” Many people have come to see digital assets as the future of finances, and the passing of this bill only draws attention to the greater public acceptance that is fuelling cryptocurrency at this time.

The bill also draws attention to the government’s effort to craft supportive legislation regarding cryptocurrency, which will allow it to reach its full potential in the United States. As such, the future of cryptocurrency is likely to see it increasingly paired with other evolving technologies, such as AI. Furthermore, such public displays of support towards digital assets mean that there will likely be a greater adoption of cryptocurrency across the country, both on an institutional and personal level. It seems even technology that allows for payments to be made in cryptocurrency in brick-and-mortar establishments, as well as enabling crypto owners to access their funds through ATM-type tech, could very much be on the way.