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Two Michigan state representatives have brought forward a House Bill (4087), to allow the state to begin officially investing into cryptocurrencies. This isn’t the first time that Michigan has attempted this, with House Bill 6214 of 2024 previously introduced by Democrat Alabas Farhat.
However, it was read and reproduced in December of 2024, but never made it any further than that. This new bill has been introduced as the federal government and President Donald Trump are far more bullish on the prospect of bringing cryptocurrency to the forefront of America.
It also follows multiple other states introducing similar bills at the same time. Texas has introduced a bill this week that would also allow the state to begin building a Bitcoin reserve.
House Bill 4087 was introduced by Bryan Posthumus and Ron Robinson. Both have been active online, promoting the idea of a digital currency tied to gold and silver reserves.
The bill would limit the state from investing any amount “greater than 10% of the available funds”. It also instructs that taxes paid “or fees generated” would be paid back into Michigan’s “general fund.”
“MichCoin” also pitched by Michigan representative
So what is MichCoin?
– It’s a Stablecoin, which I believe the state of Michigan should create.
– It will have real value — tied to our gold and silver reserves.
– It could become the most powerful financial asset in our state’s history. pic.twitter.com/15n0H3Wy2x
— Rep. Bryan Posthumus (@posthumus_bryan) February 13, 2025
On X, formerly Twitter, Posthumus has also proposed the idea of “MichCoin”, which he claims could “become the most powerful financial asset in our state’s history.”
However, reaction to this has been rather negative on X. Users replying to Posthumus have mostly rejected the idea of a stablecoin in favor of Michigan pouring its resources into Bitcoin.
One user claims it’s due to the finite amount of the coin in the market. Others appear to think that it’d be a wasted effort due to the popularity of Bitcoin and its established nature. However, most users don’t give any solid reasoning outside of this and it can be assumed that if Michigan were to invest in Bitcoin, it’d drive the overall value up.
Featured image: RawPixel, Rep. Bryan Posthumus
