💥US state proposes bill to create strategic Bitcoin reserve
The Texas House of Representatives has introduced a bill to create a strategic Bitcoin reserve. It is thought that this proposal could create a testing ground for the US Treasury Department. Republican state Rep. Giovanni Capriglione announced this bill that would allow the state of Texas to start accepting taxes, fees and donations in Bitcoin and store them for at least five years.
The bill aims to strengthen Texas' financial stability and make the state a leader in Bitcoin innovation. Capriglione stated that inflation is the biggest enemy of investments and stated that investing with a strategic Bitcoin reserve will provide double benefits. This bill aims to establish a Bitcoin reserve within the Texas Treasury and regulate the management of cryptocurrencies by government-related entities.
Strategic Bitcoin reserve discussions are increasing in the USA Texas is the second largest economy in the United States and eighth in the world. Texas, one of the states with the highest concentration of Bitcoin miners in the country, aims to lead in this field. Although the bill does not include a direct Bitcoin purchasing strategy, Capriglione aims to make the bill more comprehensive if it finds support.
The idea of creating a strategic Bitcoin reserve across the US continues to gain support as one of Donald Trump's crypto-friendly campaign promises. Since the presidential election, Bitcoin's value has increased by more than 45%. Pennsylvania was the first state to introduce a similar bill last November, and four other states, along with more than 10 states, are working to pass similar regulations. Bills regarding Bitcoin are being prepared in many states with the contribution of the Satoshi Action Fund.