On Wednesday morning, the Missouri House Commerce Commission had its first public hearing on a bill that would establish a Bitcoin Strategic Reserve Fund. HB 2080 is currently under review by the Missouri House Commerce Commission and would establish a fund that would buy, trade, and sell bitcoin.
HB 2080 also allows fines, fees, taxes and other costs to be paid in cryptocurrency, and it establishes that most of the funds should come from gifts, bequeathments, and other donations.
Duke University finance professor Campbell Harvey said over the last 14 years, Bitcoin has lost more than 60% of its value 6 times, not including the most recent fluctuation in price.
"Establishing any sort of reserve fund that is just focused on Bitcoin, well, that is a very risky bet because the value could go up," Harvey said. "But it could also plummet dramatically."
Harvey said the state would first have to borrow money from itself to establish the reserve, which means Missourians' tax dollars would be invested in what he calls a highly risky gamble.
Bill co-sponsor and Republican Rep. Michael Davis said he supports this bill because the finite amount of Bitcoin protects from hyperinflation.
"I support allowing alternative means, such as a Bitcoin reserve, to allow alternatives to the current monetary system that— the fed has largely devalued our currency, through monetary policy," Davis said.
But Harvey said Bitcoin is hardly a safe haven asset.
"So, adding an asset like Bitcoin to your portfolio, it's really hard to make the case that adding this asset somehow reduces the risk of your portfolio," Harvey said.
HB 2080 is similar to HB 1217, which was introduced in the 2025 session and also sought to establish a Bitcoin Strategic Reserve Fund. HB 1217 did not pass, and its last action was a public hearing in front of the House Special Committee on Intergovernmental Affairs.
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