"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.
Texas is not only the second-largest economy in the U.S. and the eighth-largest in the world, it also has the highest concentration of bitcoin miners in the country. The hope is that some of them will begin paying their taxes in cryptocurrency. The initial proposal does not include a direct bitcoin purchasing strategy.