Resident proposes a 'Bitcoin strategic reserve' for Newport News; asks council to consider small allocation of city reserves

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 pursued Bitcoin reserves, citing Roswell, New Mexico; he also referenced state‑level activity in Texas, Arizona and New Hampshire. Alam recommended the city begin with a conservatively sized allocation — “starting with a small responsibly managed percentage of our reserves around 1%,” he said — with annual review and oversight. He said the proposal was intended as a financial strategy rather than a political statement.

Why this matters: The idea would represent a nontraditional financial policy for municipal reserves and would implicate investment policy, fiduciary responsibility and treasury management. Council did not take action during the meeting; the proposal was introduced as public comment and the speaker provided contact information for follow‑up.

Meeting record and next steps: The transcript records Alam’s recommendation and supporting rationale; no staff report, council direction or motion to study the proposal was recorded in the meeting excerpt.

Ending: The speaker asked to connect with council members for further discussion; the council did not schedule follow‑up during the July 22 meeting.