Texas Proposes Bitcoin Reserve Bill Reflecting Trump's Vision

In a significant move that aligns with President-elect Donald Trump’s vision for cryptocurrency, Texas has introduced a bill aimed at creating a strategic Bitcoin BTC/USD reserve. This proposal was unveiled on Thursday by Texas Republican Representative Giovanni Capriglione.

The bill, aptly named the Texas Strategic Bitcoin Reserve Act, aims to establish a designated fund within the state treasury dedicated solely to holding Bitcoin as a financial asset. The intention is clear – to recognize and leverage Bitcoin as a vital digital asset with strategic potential for enhancing the state’s fiscal stability.

According to the proposed legislation, all Bitcoin acquired will be securely stored for a minimum of five years. After this holding period, these assets may be sold, converted, or appropriated, depending on the directives from a comptroller.

Texas is already recognized as a leading hub for Bitcoin mining in the United States, with major mining companies like Riot Platforms and MARA Holdings choosing to establish their operations in the state.

This legislative move is significant as it aligns with a growing trend at the federal level concerning strategic Bitcoin reserves. President-elect Trump earlier expressed optimism about cryptocurrency, stating, "We’re going to do something great with cryptocurrency," when discussing the potential for such funds.

Furthermore, Trump’s colleague, Senator Cynthia Lummis (R-Wyo.), has already proposed a federal bill for the Treasury Department to purchase one million Bitcoin over five years, with a holding plan of at least 20 years.

Adding to this momentum, Pennsylvania has also entered the conversation. Last month, the state considered initiating its cryptocurrency reserve through the Pennsylvania Bitcoin Strategic Reserve Act, which would allow the state treasury to invest up to 10% of its $7 billion reserves into Bitcoin.

As of now, Bitcoin is trading at approximately $99,483.75, reflecting a 1.37% decline over the last 24 hours, according to available market data.

The Texas bill represents a forward-thinking approach towards cryptocurrency and could position the state as a leader in the evolving landscape of digital assets.

Texas, Bitcoin, Legislation