Texas Proposes Bitcoin Reserve Fund Reflecting Trump’s Vision

In an initiative that aligns with President-elect Donald Trump’s vision for cryptocurrency, a bill has been introduced in Texas that aims to create a strategic Bitcoin BTC/USD reserve. This bill was put forth by Republican Representative Giovanni Capriglione.

The legislation, known as the Texas Strategic Bitcoin Reserve Act, suggests the formation of a special fund within the state treasury dedicated exclusively to holding Bitcoin as a valuable financial asset.

The bill proposes that all Bitcoin held in this reserve must be stored for a minimum of five years. After this holding period, the Bitcoin can be sold, appropriated, or converted into other assets under the guidance of a comptroller.

A section of the proposed act emphasizes the recognition of Bitcoin as a significant digital asset that could enhance the state’s financial resilience.

Texas stands out as a leading hub for Bitcoin mining in the United States. The state has become a favored location for major mining companies, including Riot Platforms and MARA Holdings.

This legislative development signifies a growing trend towards establishing strategic Bitcoin reserves, which is gaining traction at the federal level. Trump indicated today, "We’re going to do something great with cryptocurrency" when asked about the potential of such a fund.

In line with these efforts, Republican Senator Cynthia Lummis from Wyoming has introduced a federal bill that proposes purchasing one million Bitcoin over five years for the Treasury Department, with a requirement to hold these assets for a minimum of 20 years.

This movement in Texas follows last month’s initiative by Pennsylvania, which considered its own state-held cryptocurrency reserve. The Pennsylvania Bitcoin Strategic Reserve Act would allow the state treasury to invest as much as 10% of its $7 billion reserves into Bitcoin.

Price Action: As of now, Bitcoin is trading at approximately $99,483.75, reflecting a decline of 1.37% over the last 24 hours, according to data sourced from various market analysis platforms.

Texas, Bitcoin, Legislation