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Newport News resident proposes a municipal 'Bitcoin strategic reserve' to hedge inflation
Summary
A Newport News resident proposed the city invest a small portion (about 1%) of its reserves in Bitcoin, citing examples in Roswell, N.M., and several states; council did not act but the mayor expressed interest in discussing the idea further.
A Newport News resident who identified himself as Alam urged the City Council on July 22 to consider creating a municipal "Bitcoin strategic reserve," suggesting the city place a modest, responsibly managed percentage of its reserves — he proposed about 1% — into Bitcoin as a hedge against inflation and a potential revenue source.
Alam told the council he started an organization to educate people about Bitcoin and argued several U.S. jurisdictions…
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