In a move that mirrors President-elect Donald Trump’s cryptocurrency vision, a bill proposing a strategic Bitcoin BTC/USD reserve was put forth in the state of Texas on Thursday.
What Happened: Texas Republican Rep. Giovanni Capriglione introduced the bill, also called the Texas Strategic Bitcoin Reserve Act, which proposed the establishment of a special fund in the state treasury to solely hold Bitcoin as a financial asset.
The bill outlined that all Bitcoins will be stored for a minimum period of five years after which they can be sold, appropriated, or converted to other assets on the directions of a comptroller.
“The legislature recognizes Bitcoin as a valuable digital asset with strategic potential for enhancing the state's fiscal resilience,” a section in the proposed legislation read.
The south-central state of Texas is known as the Bitcoin mining hub of the U.S. and a favored location for mining giants like Riot Platforms and MARA Holdings.
See Also: XRP Poised For ‘Brief Correction,’ But Here’s Why It Could Go To $4
Why It Matters: This move aligns with the concept of a strategic Bitcoin reserve gaining steam at the federal level. President-elect Donald Trump said, “We’re going to do something great with cryptocurrency,” when queried about the potential of such a fund earlier today.
His Republican colleague Senator Cynthia Lummis (R-Wyo.) has already introduced a bill at the federal level, that calls for the purchase of one million Bitcoin over five years by the Treasury Department and holding it for at least 20 years.
This development follows Pennsylvania’s move last month to consider its state-held cryptocurrency reserve. The Pennsylvania Bitcoin Strategic Reserve Act, the first bill of its kind, would authorize the state’s treasury to invest up to 10% of its $7 billion reserves into Bitcoin.
Price Action: At the time of writing, Bitcoin was exchanging hands at $99,483.75, down 1.37% in the last 24 hours, according to data from Benzinga Pro.
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