Texas House Passes Bill to Create State Bitcoin Reserve
Texas is set to establish a Bitcoin reserve following the passage of Senate Bill 21 by the House of Representatives with a vote of 101-42. The Senate previously approved the bill with a 25-5 vote. It now awaits approval from Governor Greg Abbott, who supports cryptocurrency.
If signed into law, the bill allows the state’s comptroller to manage a Bitcoin reserve and invest in cryptocurrencies with a market cap exceeding $500 billion, a threshold currently met only by Bitcoin. Proponents claim this positions Texas as a leader in digital finance.
This initiative aligns with a national trend, with 47 similar bills proposed across 26 states, though not all have succeeded. New Hampshire has already implemented a reserve, while proposals in Arizona, Florida, and Montana faced opposition due to crypto volatility concerns.
With a GDP of $2.7 trillion, Texas could significantly impact the crypto sector if the initiative proceeds. Governor Abbott, known for accepting Bitcoin donations and advocating for crypto mining in Texas, is expected to approve the bill soon.