Strategic Bitcoin Reserve Now Proposed by Texas

Strategic Bitcoin Reserve Now Proposed by Texas

Key Points:

  • Senator Charles Schwertner introduced a bill to establish a Strategic Bitcoin Reserve in Texas.
  • Oklahoma, North Dakota, and New Hampshire have also introduced similar Bitcoin reserve bills.
Texas is on the verge of becoming the first U.S. state to create a Strategic Bitcoin Reserve, thanks to Senate Bill 778 by Senator Charles Schwertner.

Read more: Strategic Bitcoin Reserves Are Now Being Actively Supported by US States 

Texas Leads the Charge in Strategic Bitcoin Reserve

The new law would allow the use of Bitcoin to pay state taxes, fees, and donations- the latest evidence of Texas’s status as a cryptocurrency mining and innovation powerhouse.

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve,” said Schwertner.

As the second-largest economy in the U.S. and the eighth-largest globally, Texas stands poised to influence the national conversation on cryptocurrency. The state already boasts the highest concentration of Bitcoin miners in the country.

The trend has been widely gaining momentum throughout the country, especially with the crypto-friendly stance of President-elect Donald Trump. In fact, his campaign included the pledge to consider a Strategic Bitcoin Reserve nationally. Since the election, Bitcoin has surged more than 45%, fueled by investor confidence in increased institutional adoption.

Crypto-Friendly Policies Drive Bitcoin Adoption Momentum

Other states are not behind in the race either. Oklahoma Representative Cody Maynard has introduced House Bill 1203, which looks to use Bitcoin as inflation insurance by apportioning state pension funds and savings accounts to digital assets.

North Dakota and New Hampshire floated similar proposals on January 10, but New Hampshire went further to expand its scope to a wider class of digital assets.

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