Bitcoin News: Alabama and Minnesota Push Forward with Plans for State Bitcoin Reserves

Two U.S. states are making strides in their efforts to incorporate Bitcoin into their financial portfolios, highlighting the growing institutional acceptance of the digital currency.

Alabama, Minnesota Advance Bitcoin Reserve Plans

Alabama and Minnesota are both pressing ahead with legislative frameworks for state Bitcoin reserves. In Minnesota, House File 2946, also known as the Minnesota Bitcoin Act, introduced by Rep. B. Olson (R-MN), would allow the state to invest in Bitcoin directly. Its Senate counterpart, SF 2661, was introduced earlier in March. Both bills seek to authorize the State Board of Investment to allocate public funds into Bitcoin, acknowledging the digital asset’s long-term financial potential. In Alabama, Senate Bill 283, filed by Sen. April Weaver (R-AL), is a companion to House Bill 482, introduced earlier in March.

Sentiment Shift in Bitcoin as $80K Put Emerges as Most Popular Bet

The sentiment in the crypto market has drastically changed, with Deribit’s options market showing that the $80,000 Bitcoin (BTC) put option is now the most popular bet. This represents a 180-degree shift from early this year when call options at six-figure levels were the most popular. As of recent data, the number of open positions in the $80,000 put option totaled 10,278 contracts, equating to a notional open interest of $864.26 million. This marks a significant shift from early January when the $120,000 call option was the most popular.

Metaplanet Acquires 160 BTC, Total Holdings Reach 4,206 BTC

Japan’s Metaplanet has reinforced its Bitcoin holdings with the recent acquisition of 160 BTC, bringing its total reserves to 4,206 BTC. In an April 2 announcement, the company revealed that this latest purchase was made at an average price of 12.49 million yen (approximately $80,063 per BTC), amounting to a total investment of 1.998 billion yen ($13.39 million). This move is part of Metaplanet’s broader Bitcoin treasury strategy, which has been a key driver of its growth and expansion. Additionally, Metaplanet disclosed that it acquired 696 BTC in Q1 2025 through the sale of cash-secured Bitcoin put options, investing ¥10.152 billion ($91.7 million) in these acquisitions.

Why Trump’s Tariffs Could Be Beneficial For Bitcoin?

As Donald Trump prepares to announce new tariff rights targeting 15 countries, investors are questioning the impact on cryptocurrencies. Contrary to initial fears, several financial analysts believe these tariffs could strengthen Bitcoin’s position as an alternative SAFE haven. On April 2, 2025, Trump is expected to announce the imposition of tariffs. These protectionist measures initially caused a drop in Bitcoin prices, falling from over $100,000 at the beginning of the year to around $80,000 in March. This decline is explained by the growing correlation between cryptocurrencies and traditional assets, all affected by global economic uncertainty.

China on Watch After U.S. Government Embrace of Bitcoin

The Trump administration’s formation of a U.S. Strategic Bitcoin Reserve might prompt China to re-think its hardline stance against crypto, which could accelerate global adoption of BTC, according to asset manager Grayscale’s research report on Monday. Grayscale noted that China currently bans most crypto activities but permits the holding of digital assets. The report highlighted that China is the most important country to watch in this regard, as easing its crypto restrictions could significantly boost global adoption. President Trump directed his administration to form the reserve to hold government-seized assets.