Texas Proposes Bitcoin Reserve Bill Inspired by Trump

In a recent development echoing President-elect Donald Trump’s vision for cryptocurrency, Texas has introduced a bill aimed at establishing a Bitcoin BTC/USD reserve. The proposal was presented on Thursday, marking a significant step in the state's engagement with digital currency.

What Happened: The bill, named the Texas Strategic Bitcoin Reserve Act, was introduced by Texas Republican Rep. Giovanni Capriglione. This legislation seeks to create a special fund within the state treasury dedicated exclusively to holding Bitcoin as an asset. This approach aims to strategically position Texas in the evolving cryptocurrency landscape.

The proposed legislation stipulates that all Bitcoin acquired under this act must be held for a minimum of five years. After this holding period, these digital assets may be sold, appropriated, or converted into other forms of assets based on guidance from a state comptroller.

A section of the proposed bill states, “The legislature recognizes Bitcoin as a valuable digital asset with strategic potential for enhancing the state's fiscal resilience.” This suggests that Texas aims to leverage Bitcoin’s unique qualities to strengthen its financial position.

Texas has become a notable hub for Bitcoin mining in the United States, attracting major mining companies such as Riot Platforms and MARA Holdings. The state’s regulatory environment and available resources seem to support its growing reputation in the crypto mining sector.

Why It Matters: This initiative aligns closely with broader federal discussions about creating strategic cryptocurrency reserves. President-elect Donald Trump expressed his belief in the potential of cryptocurrency, stating, “We’re going to do something great with cryptocurrency,” when asked about the idea of establishing a federal reserve of Bitcoin.

Additionally, Texas is not the only state exploring this strategy. Recently, Pennsylvania considered its own cryptocurrency reserve, introducing the Pennsylvania Bitcoin Strategic Reserve Act. This bill would allow the state treasury to invest up to 10% of its $7 billion reserves into Bitcoin, illustrating a growing trend among states to consider digital assets as part of their financial strategies.

Current Bitcoin Price: As of now, Bitcoin is trading at approximately $99,483.75, reflecting a decrease of 1.37% over the past 24 hours.

Texas, Bitcoin, Legislation