Texas is poised to become the first state with a bitcoin strategic reserve

Texas is poised to become the first state with a bitcoin strategic reserve

Texas has kicked off its 89th legislative session with an ambitious bill that could make it the first state in the US to establish a strategic reserve for bitcoin. Senator Charles Schwertner introduced SB 778, which would allow the state to own bitcoins as a valuable digital asset and accept donations in the cryptocurrency.

"It's time for Texas to lead the way in the digital economy," Schwertner said. The bill would create a special fund outside of the state's regular revenues, with the goal of strengthening financial resilience and ensuring economic freedom. The bill also proposes to establish secure storage methods and regular audits to ensure transparency.

Interestingly, Texas is not the only state seeking a strategic BTC reserve. Oklahoma, Pennsylvania and New Hampshire have also submitted similar proposals, indicating a growing interest in bitcoin as a hedge against inflation and economic volatility.

If SB 778 passes, Texas will be at the forefront of digital progress and set a precedent for other states.

*This is not an investment recommendation.

Coingarage Team