Texas Proposes Bitcoin Reserve Amid Growing Crypto Adoption
A state representative in Texas just introduced legislation to create a strategic Bitcoin reserve. The bill is part of a growing trend of introducing similar reserves across several states and internationally.
State Representative Giovanni Gapriglione suggested that taxes, fees, and donations could fill this reserve, but claimed that Texas could purchase Bitcoin directly with enough political support.
Texas Bitcoin Reserve
according to CNBC Report, This legislation supports cryptocurrencies Texas will be allowed to establish a Bitcoin reserve. However, the bill contains no strings attached to the state’s direct purchase of Bitcoin.
Instead, it would allow the state to receive taxes, fees, and donations in Bitcoin. Texas is a major regional mining hubso several companies may be willing to make these payments.
“My goal is to make this bill as broad and broad as possible. Republican state Rep. Giovanni Capriglione, who originally introduced the bill, said the first step is to allow it to have some optionality and flexibility, but if I can get support from other legislators, we’ll make it even stronger.
Capriglione’s bill was inspired by President-elect Trump’s stated plan Establishing a national Bitcoin reserve. The largest cryptocurrency has risen to new heights following his re-election, Reached $100,000 milestone Early December. Furthermore, the United States is already the largest holder of Bitcoin, which is from Silk Road seizes funds.
However, President Biden may start selling off existing Bitcoin supply During his lame duck period. Notorious Bitcoin Critic Peter Schiff encourage this move.
Even if Trump’s plan to create a national Bitcoin reserve is thwarted next month, some states are pursuing independent initiatives. Florida Chief Financial Officer Another national reserve proposed in Octoberand There is a similar bill in the Pennsylvania House of Representatives.
This trend is growing internationally as well. Last month, presidential candidates for Poland’s upcoming elections Vows to implement Bitcoin reserve if elected. Representatives in The Russian State Duma submitted a similar bill this week. In other words, the argument against U.S. Bitcoin reserves may be balanced.
After all, if several countries are building national reserves, it would be detrimental to deliberately suppress the United States. Regardless, Capriglione’s efforts to create protected areas in Texas could serve as a bellwether. The state is tightly controlled by Trump’s party, but will its rank-and-file representatives support Bitcoin? Only time will tell.
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