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Highlights
- Texas Rep just submitted a Bill for a strategic Bitcoin reserve
- President-elect Donald Trump is also championing this move at the Federal level
- The President's pro-crypto stance is driving positive market momentum
Texas State Rep Giovanni Capriglione has filed a Bill to establish a strategic Bitcoin Reserve, aligning with President-elect Donald Trump’s grand plans. With the concept of a Bitcoin reserve growing at the Federal level, the Bill has positioned Texas as a front-liner among other states.
Why Texas Needs a Bitcoin Strategic Reserve?
The Bill, titled Texas Strategic Bitcoin Reserve Act, seeks to push for the State’s treasury to invest directly in BTC. Already Texas ranks as a major Bitcoin mining powerhouse in the country, making its economy very familiar to the industry.
Among the key provisions of the bill is the plan to accept Bitcoin donations from Texas residents. In addition, it will set a standard whereby the state will securely store and manage Bitcoin for five years.
In a more promising move, Rep Giovanni Capriglione wants state agencies to accept different digitial currencies. The state can then convert these assets to shore up the strategic Bitcoin reserve. Lastly, the bill established the rules for security, donations and management of the BTC reserve.
The Texas Strategic Bitcoin Reserve Act introduced by @VoteGiovanni proposes a state-managed Bitcoin reserve to strengthen Texas’s fiscal resilience and foster digital innovation. The reserve will:
1. Accept Bitcoin donations from Texas residents.
2. Securely store and manage… pic.twitter.com/VPgyyBb1I9— Pierre Rochard (@BitcoinPierre) December 12, 2024
As described in the Bill, Bitcoin represents a Peer-2-Peer (P2P) network which operates with no central authority. The bill filing comes on the heels of President Donald Trump’s push to establish a similar BTC reserve at the Federal Level. To achieve this, he has proposed setting up a crypto advisory council to oversee the implementation.
BTC For States, Countries and Corporations
The push for the coin’s adoption is dominating many US States in line with the positive plans Donald Trump has for the crypto industry.
While countries like El Salvador and Bhutan are also running with this agenda, corporations are not left behind. Firms like MicroStrategy have continued to buy Bitcoin as a strategic reserve asset. New firms including Genius Group are also making definitive bets on the future of the coin.
Meanwhile, Microsoft board members voted ‘No’ to a a BTC investment proposal earlier this week, an update that proves not all firms are pro-Bitcoin for now.
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