Texas House introduces bill to establish a strategic bitcoin reserve
Legislation was introduced in the Texas House of Representatives on Thursday that would enable the state to build a strategic bitcoin reserve.
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.
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"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.
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