Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a provi

Texas House introduces bill to establish a strategic bitcoin reserve

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2024-12-12 18:00:12

Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a proving ground for the U.S. Treasury.

The proposed bill would enable the state to start building a strategic bitcoin reserve by accepting taxes, fees and donations in bitcoin that would be held for a minimum of five years, Republican state Rep. Giovanni Capriglione announced on an X Spaces event Thursday.

The Texas bill aims to provide a way to strengthen the state's fiscal stability and establish it as a leader in bitcoin innovation, according to the Satoshi Action Fund, a nonprofit bitcoin advocacy group that worked with Capriglione on the bill.

"Probably the biggest enemy of our investments is inflation," Capriglione said. "A strategic bitcoin reserve, investing in bitcoin, would be a win-win for the state."

"I just filed the bill ... entitled 'An act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities,'" he said later.