Amid the ongoing rise of the leading cryptocurrency, Texas has filed a bill to establish a strategic Bitcoin reserve for the state. Texas Representative, Giovanni Capriglione, officially introduced the game-changing legislation that would allow the state to hold BTC.
The co-founder of the Satoshi Action Fund, Dennis Porter, confirmed the bill in an X (formerly Twitter) Space. Moreover, the state looks to be one of 10 that are currently seeking to establish a Bitcoin reserve of their own. According to Porter, passing the legislation at the state level is key for a federal reserve to be established.
I can confirm that the state of Texas has filed a bill to officially establish a ‘Strategic Bitcoin Reserve’.
History was made as this was the first time a bill was filed live on X Spaces.
Congrats to @VoteGiovanni for his leadership on Bitcoin. pic.twitter.com/uorZoRgXsC
— Dennis Porter (@Dennis_Porter_) December 12, 2024
Also Read: BlackRock Says Up To 2% Bitcoin Allocation is ‘Reasonable Range’
Texas State Representative Files to Establish Strategic Bitcoin Reserve
Since Donald Trump emerged victorious in the 2024 presidential election, Bitcoin has been skyrocketing. The leading cryptocurrency surged to a six-figure price for the first time in its history. A major reason why was due to the belief that favorable cryptocurrency regulation was around the corner.
That has already started to take place before Trump has even been inaugurated. Indeed, Texas is the latest US state that has filed legislation to establish a strategic Bitcoin reserve. Specifically, the bill would allow the state to accept taxes, fees, and donations in BTC while building up a reserve for the token.
Image Source: Watcher Guru
Also Read: Bitcoin Projecting to Reach $250k, But When?
With the ongoing Bitcoin bull rally, the move looks to ensure the state’s financial stability. Moreover, it continues to ensure a focus on innovation in the finance sector. Texas State Representative Giovanni Capriglione discussed the move in a recent X Spaces.
“Probably the biggest enemy of our investment is inflation,” Caprigiliione noted. “A strategic Bitcoin reserve, inventing in Bitcoin would be a win-win for the state.” The politician confirmed that he filed the bill for what is the second-largest economy in the country. Surely, its position should influence other states to follow suit in the coming months.
