Texas Moves Closer too State-Managed Bitcoin Reserve
Texas is set to become the third U.S. state with a state-managed Bitcoin reserve. The Texas Strategic Bitcoin Reserve and Investment Act, SB 21, passed the House with a 101-42 vote. It now awaits governor Greg Abbott’s approval.
SB 21 allows the state comptroller to invest in Bitcoin and other large cryptocurrencies. Currently, Bitcoin is the only asset that fits the criteria. The bill also plans to create a formal Bitcoin reserve,helping Texas diversify its financial strategy with digital assets.
state Senator Charles Schwertner and Rep. Giovanni Capriglione support the bill.They see it as a step to keep Texas at the forefront of digital innovation.
If signed,Texas will join New Hampshire and possibly Arizona in establishing a Bitcoin reserve. However, some states, like Arizona and Montana, have blocked similar proposals due to cryptocurrency market volatility.
Texas, with a $2.7 trillion economy, has shown crypto-friendly policies. Governor Abbott has backed digital assets and accepted Bitcoin donations for his campaigns.
the bill’s passage comes as Bitcoin hits a record high above $109,000, showing renewed momentum for the cryptocurrency.
