A Texas congressman has proposed legislation to establish a state-managed Bitcoin reserve, which could significantly impact the state’s economy and the cryptocurrency landscape. Representative Giovanni Capriglione sponsored the bill on December 12, proposing the creation of the “Texas Strategic Bitcoin Reserve,” under the control of the state comptroller. People, corporations, and other voluntary sources would fund the reserve with Bitcoin donations, eliminating the need for taxpayer funds.
Texas intends to maintain Bitcoin as a reserve asset for at least five years, providing a buffer against inflation and economic instability. Other states have proposed similar ideas, but Texas aims to lead the way in utilizing digital currency for state governance. Capriglione underlined that this plan might assist in securing the state’s financial future by improving its budgetary situation without requiring direct public involvement in Bitcoin.
The project complements broader national discussions on Bitcoin’s place in government reserves. The concept of a strategic Bitcoin reserve has gained steam in the United States, particularly after Donald Trump’s claims during his presidential campaign. Capriglione expects that Texas will motivate other states and the federal government to pursue similar tactics.
Unlike other states, Texas’ bill encourages voluntary contributions rather than the use of state funds to purchase Bitcoin. The bill exempts the reserve from the state’s general fund and prohibits the sale or transfer of Bitcoin for a minimum of five years. Capriglione feels that this method not only improves financial stability but also conveys a strong message about the state’s support for Bitcoin innovation.
Texas already leads the nation in Bitcoin mining, and the proposed legislation may help the state become a global hub for cryptocurrency development, setting an example for other places to follow.
