Texas Strategic Bitcoin Reserve is Great News for $STARS Presale
Texas is moving forward with plans to introduce a Bitcoin strategic reserve. State Rep. Giovanni Capriglione announced yesterday that he has filed a bill that would enable the state to accept donations, fees and taxes in Bitcoin, as long as the Bitcoin is held for at least five years .
“Perhaps our biggest enemy of investing is inflation;” Capriglione said. “A Strategy for Investing in Bitcoin Bitcoin reserves will be a win-win for the country.“
Texas is the second U.S. state to consider incorporating Bitcoin into its financial strategy. In November this year, legislation was established Pennsylvania Bitcoin Strategic Reserve Launched the Bitcoin Initiative, which plans to allocate up to 10% of treasury reserves to Bitcoin.
Previously, the Pennsylvania House of Representatives passed the informal Bitcoin Bill of Rights in October, which gives Pennsylvania residents the option to use Bitcoin as a potential payment method while protecting their right to manage their own cryptocurrency.
“By enacting this legislation, we can make the Commonwealth a welcoming place for blockchain innovation and provide our citizens with the tools to safely participate in the digital economy,Rep. Mike Cabell, the sponsor of House Bill 2481, the Digital Asset Authorization Act, said the bill’s official name is the “Digital Asset Authorization Act.”
The move by Texas and Pennsylvania to establish strategic Bitcoin reserves is good news for the cryptocurrency economy, albeit at the state level rather than the federal level. However, Dennis Porter – NPO CEO Satoshi Action FundCapriglione, who worked with Capriglione on drafting the legislation, is optimistic.
“We believe the state level is the best place to create political momentum for Bitcoin,” he said in an article CNBC New York interview. “The best thing we can do is pass this legislation at the state level to provide political momentum for federal legislation.“
Bitcoin has experienced a post-U.S. election boom – hitting the $100,000 milestone – and continues to rise after the state of Texas announced the establishment of a Bitcoin Strategic Reserve yesterday, although at the time of writing, Bitcoin has edged slightly higher fell.
“In its short history, Bitcoin has experienced significant gains and sell-offs,” Asset management firm BlackRock stated in a report released earlier this week. BlackRock’s iShares Bitcoin Trust ETF currently manages approximately $53.8 billion in assets.
The BlackRock report adds that this volatility, “This, combined with Bitcoin’s unique characteristics, raises the question of what role it should play in an investment portfolio.The financial giant recommends investors place a maximum of 2% of Bitcoin in their portfolios.
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