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Resident proposes a 'Bitcoin strategic reserve' for Newport News; asks council to consider small allocation of city reserves
Summary
A Newport News resident and founder of Bitcoinomics proposed the city adopt a Bitcoin strategic reserve, starting with roughly 1% of city reserves, to hedge inflation and potentially generate revenue; council did not act on the proposal during the meeting.
A Newport News resident and organizer, Ridwan Alam, used the public comment period on July 22 to propose that the city consider creating a “Bitcoin strategic reserve” as a long‑term hedge and potential source of revenue.
Alam, who identified himself as the founder of an organization called Bitcoinomics and a Newport News native, said some U.S. municipalities have…
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