A Texas lawmaker is proposing a bold new law: creating a state-funded Bitcoin reserve.
Bitcoin in the Texas Treasury?
Republican Representative Giovanni Capriglione recently introduced the “Texas Strategic Bitcoin Reserve Act.” The bill aims to add Bitcoin to the state’s treasury, viewing it as a way to hedge against inflation and market instability. The idea is that Bitcoin’s value could help protect Texas’s finances during economic downturns.
How it Would Work
Under the proposed law, Texans could voluntarily donate Bitcoin to the state’s reserve. Any Bitcoin received would be held for at least five years before being sold or traded. This long-term holding strategy is intended to minimize short-term market fluctuations and maximize potential long-term gains.
Supporter Comments
Dennis Porter, CEO of the Satoshi Action Fund, supports the bill, saying it allows the state to own Bitcoin as a financial asset and encourages Texans to participate in their state’s financial future through voluntary donations. He also noted that this was a historic moment, as the bill was initially announced live on X (formerly Twitter).
Important Note: This is a developing story, and the bill’s success is uncertain. Investing in Bitcoin is inherently risky, and this article is not financial advice. Always do your own research before making any investment decisions.
/p>
