According to the plan, the reserve will primarily focus on accumulating Bitcoin donations and sponsorships over the next decade. The goal is to grow the reserve to a point where it can be used as an emergency fund once it reaches the $1 million threshold.
The city’s Bitcoin reserve will be subject to city council oversight. Specifically, the council must unanimously approve any use of the reserve, with the possibility of allocating up to 21% of the reserve every five years for designated purposes. The initial focus will be to provide financial relief to local elderly residents, particularly through subsidizing their water bills, and to fund emergency disaster response.
Growing Interest in Bitcoin Reserves
Meanwhile, Roswell’s adoption is one among several jurisdictions aiming for a Bitcoin reserve. For instance, only a day ago, Arizona’s Legislature recently passed Senate Bills 1025 and 1373, which would allow the Arizona Treasury and retirement system to invest up to 10% of their funds in virtual currencies. These bills are now awaiting Governor Katie Hobbs’ signature to become law.
Notably, Alabama has also introduced a bill proposing that its State Treasurer invest up to 10% of state funds in Bitcoin. The legislation, known as House Bill 482, creates a framework that would permit investments only in digital assets with a market cap of at least $750 billion over the previous 12 months.
Other jurisdictions like Texas, California, Florida, and New Hampshire have also proved the intentions to establish a Bitcoin stockpile.
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