The state of Utah has presented a new bill proposing to allow 10% of state funds to be invested in Bitcoin (BTC) and stablecoins. State Representative Jordan Teuscher presented the bill on Monday, Jan. 20, 2025. An interesting point is that the proposed legislature was introduced on the day of Donald Trump’s inauguration as the 47th President of the United States.

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The proposed legislature is called the “Blockchain and Digital Innovation Amendments” bill. According to an X post by State Representative Teusher, “This bill reflects our commitment to embracing cutting-edge technology and preparing for the future of finance, while ensuring fiscal sovereignty.“

If voted into law, the bill could lead to a significant rise in Bitcoin’s (BTC) adoption. Utah is the 11th US state to have a BTC reserve bill.

Will Bitcoin Rally?

The proposed bill is a bullish development for the cryptocurrency sector. US President Donald Trump has also stated that he wants the crypto industry in the US to thrive. Many believe Bitcoin (BTC) and the general crypto market will hit never-before-seen price levels under Trump’s leadership.

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According to CoinCodex, BTC will continue to rally over the next few months. The platform anticipates the original crypto to hit a new all-time high of $145,207 on April 21, 2025. Reaching $145,207 from current price levels will entail a rally of about 41.14%.

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There is also a possibility that BTC will not rally as predicted by CoinCodex. The Federal Reserve took a hawkish stance with its monetary policy. The Fed announced only two interest rate cuts in 2025 instead of three. The central bank took its decision to combat rising inflation in the US. If the Fed does not introduce an interest rate cut soon, BTC and other crypto assets may take a hit.