Texas Introduces Bill for Bitcoin Reserve Reflecting Trump's Vision

In a significant move reflecting the cryptocurrency vision of President-elect Donald Trump, the state of Texas introduced a bill on Thursday aimed at establishing a strategic Bitcoin BTC/USD reserve.

What Happened: The proposed legislation, known as the Texas Strategic Bitcoin Reserve Act, was introduced by Texas Republican Rep. Giovanni Capriglione. This bill seeks to create a dedicated fund within the state treasury specifically for holding Bitcoin as a financial asset.

The proposal includes a stipulation that all Bitcoin will be held for a minimum duration of five years. After this holding period, the assets can be sold, allocated, or converted into other forms, based on the instructions of a comptroller.

A section of the proposed bill emphasizes the value of Bitcoin, stating, "The legislature recognizes Bitcoin as a valuable digital asset with strategic potential for enhancing the state's fiscal resilience." This highlights the growing interest in Bitcoin as a serious financial instrument.

Texas has established itself as a hub for Bitcoin mining in the United States, attracting major players such as Riot Platforms and MARA Holdings. This trend is indicative of the state's welcoming approach to cryptocurrency and digital asset investments.

Why It Matters: This legislative effort aligns with a broader push for cryptocurrency reserves at the federal level. Earlier, President-elect Donald Trump remarked, "We’re going to do something great with cryptocurrency," when discussing the potential of a national fund. This alignment between state and federal initiatives indicates a growing recognition of cryptocurrency's significance in modern finance.

In a parallel effort, Senator Cynthia Lummis (R-Wyo.) has also introduced federal legislation advocating for the purchase of one million Bitcoin over a five-year period, to be held for at least 20 years by the Treasury Department. This indicates a cohesive strategy among Republican lawmakers to bolster Bitcoin's role in the financial landscape.

This development comes on the heels of Pennsylvania's recent proposal to explore a state-held cryptocurrency reserve. The Pennsylvania Bitcoin Strategic Reserve Act seeks to authorize the state treasury to invest up to 10% of its $7 billion assets into Bitcoin, marking a significant step in state-level crypto involvement.

Price Action: As of the most recent data, Bitcoin is valued at $99,483.75, reflecting a decrease of 1.37% over the last 24 hours, according to Benzinga Pro data.

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Texas, Bitcoin, Legislation