As cryptocurrency continues to gain traction globally, both governments and corporations are exploring ways to integrate digital assets into their financial strategies. In the United States, Utah is advancing a bill that could make it the first state to hold Bitcoin in its reserves, while Latin American companies are already taking significant steps in adopting cryptocurrency. From Argentina’s Mercado Libre investing in Bitcoin to Brazil’s Nubank expanding its crypto services, businesses across the region are leveraging digital assets as a hedge against inflation and a tool for financial innovation.
Utah Advances Bitcoin Reserve Bill, Bringing It Closer to Becoming the First US State with a Crypto Treasury
Utah has taken a significant step toward making history as the first US state to establish a strategic Bitcoin reserve, as its Blockchain and Digital Innovation Amendments bill (HB230) successfully passed through the House and now moves to the Senate for further approval.
The proposed legislation, introduced by Utah Representative Jordan Teuscher on Jan. 21, would grant the state treasurer authority to allocate up to 5% of certain public funds into Bitcoin (BTC), high-cap crypto assets, and stablecoins. If the bill clears the Senate and gains gubernatorial approval, Utah could set a new precedent for state-level Bitcoin adoption in the US.
The bill gained traction following its 8-1 vote approval by the Utah House Economic Development Committee on Jan. 28, signaling strong legislative support for digital asset integration into state finances.
Satoshi Action Fund founder and CEO Dennis Porter confirmed the bill's passage in the Utah House, stating, “The ‘Strategic Bitcoin Reserve’ bill has officially passed the House in the state of Utah. The bill now moves onto the Senate.”
Porter expressed confidence that Utah would be the first US state to enact such legislation, cementing its role as a leader in digital asset adoption at the state level.
While Utah is currently ahead, Arizona is also vying for a Bitcoin reserve with its Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger. That bill successfully passed the Senate Finance Committee on Jan. 27 and is now pending a House vote.
Meanwhile, New Mexico has entered the conversation, with Senator Ant Thornton proposing a similar bill (SB57) on Feb. 4 that would also allocate 5% of public funds to Bitcoin. These moves suggest a growing recognition of Bitcoin’s role as a strategic asset for state treasuries.
While Utah and Arizona push forward, North Dakota lawmakers recently rejected a crypto reserve proposal. House Bill 1184, which would have allowed for state investments in crypto assets and precious metals, failed on Jan. 31, with a vote of 32 in favor and 57 against.
Despite North Dakota’s resistance, the growing number of states considering Bitcoin reserves signals a broader shift in how governments view digital assets.
Implications for Utah and the US Financial System
If passed into law, Utah’s Bitcoin reserve initiative would mark a groundbreaking moment for state-level financial policy. The bill aligns with the increasing interest in Bitcoin as a hedge against inflation and monetary debasement, a narrative that has gained traction among institutional investors and public entities.
Crypto advocates argue that Bitcoin reserves could serve as a store of value and financial hedge for states, particularly in light of national debt concerns and rising inflation. Additionally, integrating Bitcoin into state treasuries could boost adoption, attract blockchain startups, and solidify Utah as a leader in digital asset innovation.
However, critics caution that volatility, regulatory uncertainty, and security risks pose challenges. Bitcoin’s price fluctuations could affect state reserves, and federal regulatory frameworks for crypto remain uncertain, potentially complicating implementation.
With HB230 advancing to the Utah Senate, it will require majority approval before reaching the governor’s desk for final consideration. If signed into law, Utah would become the first state to hold Bitcoin in its treasury, potentially paving the way for other states to follow suit.
With 14 states having introduced legislation that would allow local treasuries to buy crypto assets, the race for state-backed Bitcoin reserves is heating up. Whether Utah secures the title of the first "Bitcoin State" remains to be seen, but its legislative progress underscores the increasing role of cryptocurrency in the US financial landscape.
Latin American Corporations Embrace Bitcoin and Crypto Services Amid Inflation and Economic Shifts
While corporate adoption of Bitcoin and cryptocurrency remains a topic of cautious exploration in the United States, Latin America’s largest corporations are actively integrating Bitcoin into their reserves, expanding crypto services, and capitalizing on the region’s high inflation and financial instability.
Taking cues from MicroStrategy and El Salvador, which have made massive Bitcoin investments, companies across Latin America are embracing crypto assets as a hedge against inflation and a means to diversify their reserves. Argentina, in particular, has emerged as a leader in this movement, with multiple corporations holding a combined 1,300 BTC—a significant milestone that shows the continent’s growing shift toward digital assets.
Argentina has become a focal point for Bitcoin adoption since pro-Bitcoin President Javier Milei assumed office more than a year ago. His deregulation agenda and crypto-friendly policies have encouraged businesses to explore cryptocurrency as a store of value and means of transaction.
According to BitcoinTreasuries.NET, three major Argentine companies currently hold Bitcoin on their balance sheets, including:
Bitfarms (870 BTC): Originally founded by Argentine entrepreneurs, this Canada-headquartered mining company is the largest Bitcoin holder in the region. In 2024 alone, Bitfarms mined an average of 250 BTC per month, thanks to operations across Argentina, Paraguay, Canada, and the US.
Mercado Libre (412 BTC): Often called the "Amazon of Latin America", Mercado Libre has been an early corporate adopter of Bitcoin and Ethereum. Its initial $10 million crypto investment in 2021 has grown substantially, with its BTC and ETH holdings now worth nearly $50 million.
Globant (~12 BTC): The Buenos Aires-based software giant has also added Bitcoin to its reserves, albeit in a smaller quantity than its peers.
The trend suggests that Argentine corporations aren’t just dabbling in crypto for marketing purposes—they are increasingly integrating Bitcoin as a legitimate financial hedge.
Argentina’s chronic inflation and financial instability have made Bitcoin an appealing alternative to volatile national currencies, not just for individuals but also for businesses. The nation’s firms are adopting digital assets to preserve their capital, as local fiat depreciation continues to erode the value of traditional cash holdings.
Mercado Libre has taken a particularly aggressive approach toward cryptocurrency integration, leveraging its position as Latin America’s largest publicly traded firm with a market capitalization of $100 billion.
Beyond holding over 400 BTC and 3,040 ETH, the company has expanded its crypto initiatives by launching:
The “Meli Dollar” Stablecoin: Mercado Libre introduced its own stablecoin in Brazil, allowing customers to transact seamlessly in a digital asset backed by the company.
Loyalty Tokens: The firm has also incorporated crypto tokens into its customer rewards program, further intertwining blockchain technology with its core business model.
Founder and billionaire entrepreneur Marcos Galperín has been vocal about his belief in Bitcoin as a superior store of value compared to gold, reinforcing Mercado Libre’s long-term commitment to the digital asset space.
While Mercado Libre is pushing Bitcoin adoption through its e-commerce dominance, Brazil’s Nubank is leading the charge in banking and fintech adoption of crypto assets.
Partially owned by Warren Buffett’s Berkshire Hathaway, Nubank has over 100 million users across Brazil, Mexico, and Colombia. The bank’s gradual expansion into crypto trading and services signals increasing demand from consumers eager to integrate Bitcoin and stablecoins into their financial portfolios.
Key highlights of Nubank’s crypto expansion include:
Crypto Trading Since 2022: Initially launched as a response to growing Latin American demand, Nubank’s crypto trading feature has expanded steadily.
New Stablecoin Swap Features: In December 2024, Nubank introduced direct swaps between Bitcoin, Ethereum, Solana, Uniswap, and USDC, allowing users to secure profits without exiting the crypto market.
Growing Demand for USDC: With 30% of Nubank’s customers already holding USDC, the bank is enhancing its rewards program to incentivize stablecoin investments.
According to Nubank’s Executive Director of Digital Assets, Thomaz Fortes, "Swaps are a growing demand from clients as they start incorporating crypto assets into their strategies. This initial rollout with USDC and the four most popular cryptos provides a way to secure potential profits from price appreciation while benefiting from lower fees."
This institutional push into crypto from a major Latin American bank signals that Bitcoin and stablecoins are no longer fringe assets in the region—they are becoming an integral part of mainstream financial services.
Argentina and Brazil may be leading the charge, but Latin America as a whole is witnessing a surge in corporate and institutional interest in crypto. Other key trends include:
Government-Led Bitcoin Reserves: Countries like El Salvador have demonstrated the viability of state-backed Bitcoin treasuries, encouraging other Latin American economies to consider similar strategies.
Regulatory Evolution: With growing interest in digital assets, some Latin American governments are shifting toward clearer regulations to accommodate corporate Bitcoin adoption.
Rising Institutional Confidence: The involvement of multinational firms like Mercado Libre and Nubank signals that institutional players are gaining confidence in crypto assets, particularly as a hedge against inflation and financial instability.
Latin America’s Crypto Revolution is Just Beginning
While companies in the US remain hesitant to add Bitcoin to their balance sheets, Latin America is proving to be one of the most dynamic regions for corporate crypto adoption. Firms like Bitfarms, Mercado Libre, and Nubank are showing that Bitcoin and digital assets aren’t just speculative investments—they are becoming essential financial tools for companies operating in inflation-prone economies.
As more businesses in the region incorporate Bitcoin into their reserves and expand their crypto services, Latin America could emerge as a global leader in mainstream digital asset adoption. If the current momentum continues, it won’t be long before other major corporations and financial institutions follow suit, reshaping the future of banking and investment in the region.
