A new bill in the Indiana House would investigate the state’s Bitcoin investment

Indianapolis, Indiana – Republicans in Indiana want the state to start looking into using state funding to invest in Bitcoin.

The Indiana House Committee on Government and Regulatory Reform passed House law 1322, a law pertaining to Indiana’s Bitcoin investment, on Monday. It is now anticipated that the bill will be discussed further on the floor of the Indiana House of Representatives.

If approved in its current form, the bill, which was written by South Bend Republican Indiana State Representative Jake Teshka, would permit money held by the state teachers’ retirement fund, the public employees’ retirement fund, or state public officers to be “invested in certain Bitcoin exchange-traded funds.”

In its current form, the measure would also investigate how the state could use blockchain technology to:

• Achieve greater cost efficiency and cost-effectiveness
• Improve consumer convenience, experience, data security and data privacy

Three additional Republicans from the Indiana House of Representatives also co-authored the bill, including:

• Indiana State Rep. Shane Lindauer from Jasper
• Indiana State Rep. Cory Criswell from New Castle
• Indiana State Rep. Kyle Pierce from Anderson

Teshka responded to inquiries about the cryptocurrency’s stability at the committee hearing by saying he thinks it’s a wise investment. Bitcoin has increased more quickly than other conventional “asset classes,” according to Teshka.

Indiana State Representative Ragen Hatcher, a Democrat from Gary, said during her line of questioning that cryptocurrency is “an area that is still developing,” emphasizing her concerns about investing mutual funds and retirees’ money in something that “doesn’t seem like it is established quite yet.”

Another Democrat from Lafayette, Indiana State Representative Chris Campbell, voiced her worries, calling cryptocurrency “volatile and a substantial risk.”

“How will we make sure these are wise investments?” Teshka was asked by Campbell at the committee meeting.

In the bill, BitCoin is the specific topic of discussion. It is thought to be more stable. Is it volatile? It might be. “It might be,” Teshka remarked. “But once more, it has outperformed all other asset classes since 2009.”

Teshka also underlined in his statements that the state would weigh the advantages and disadvantages for the seniors before deciding to “hurry headlong into something.”

Teshka stated, “I have complete faith in them and their judgment, but I also want to say, ‘Hey, this is the future.'”