Lawmakers in the U.S. State of Indiana have voted to add Bitcoin (BTC) to public retirement plans.
The Indiana state legislature has authorized public retirement plans to add exposure to cryptocurrencies and exchange-traded funds (ETFs) that track the spot prices of digital assets such as Bitcoin and Ethereum (ETH).
Indiana Governor Mike Braun is expected to sign a law enabling crypto investments in public pensions within the next 10 days.
Indiana joins at least seven other U.S. states, including Wyoming, Wisconsin, Michigan and Arizona, that have integrated cryptocurrencies into public pensions and investment vehicles.
Half of the state governments in the U.S. are putting some of their money into cryptocurrencies or already have, according to media reports.
U.S. states have embraced crypto after U.S. President Donald Trump directed his administration to establish a Bitcoin Strategic Reserve at the federal level in America.
A total of 21 states are investing or evaluating investments in crypto, mostly Bitcoin and dollar-pegged stablecoins.
States such as Arizona, Tennessee, Oklahoma and Nebraska have signed legislation opening public funds to cryptocurrencies.
Critics warn that cryptocurrencies are too risky for public pension funds and could evaporate taxpayer money in the event of a big downturn in prices for digital assets.
Indiana’s embrace of crypto comes with Bitcoin’s price down 46% since last October and trading at $68,000 U.S.
