Texas Introduces Bill to Set Up a Bitcoin Reserve

On Thursday, the Texas House of Representatives introduced a bill to create a strategic Bitcoin reserve, allowing the state to start building a reserve by collecting taxes, fees, and donations in Bitcoin. State lawmaker Giovanni Capriglione, a Republican, announced the bill on social media platform X.

Capriglione stated, “I just filed the bill … entitled ‘An act relating to the establishment of a Bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities.'”

He also expressed his goal to make the bill as comprehensive as possible and hopes to gain support from other legislators to strengthen it.

According to Capriglione, inflation is the biggest enemy of investments, and a Bitcoin reserve would benefit the state. CNBC reported that the bill could serve as a testing ground for the US Treasury, as Texas has the largest concentration of Bitcoin miners in the country.

While the bill does not currently include a direct strategy for purchasing Bitcoin, it aims to improve the state’s financial stability and establish it as a leader in Bitcoin innovation. This information comes from the Satoshi Action Fund, a nonprofit Bitcoin advocacy group that worked with Capriglione on creating the bill.