Texas Plans to Establish Strategic Bitcoin Reserve
Giovanni Capriglione, a Republican state representative, has formally applied to establish a strategic Bitcoin reserve for Texas.
Giovanni Capriglione, a Republican state representative, has formally applied to establish a strategic Bitcoin (BTC) reserve for Texas.
He claims that the bill strengthens the state’s position as a leader in digital innovation while also improving fiscal stability. Capriglione declared that the Texas Strategic Bitcoin Reserve Act (H) was being considered at an X Spaces event.
He distributed the paper emphasizing Bitcoin’s decentralized structure, limited supply, and potential as a tactical tool to bolster the resilience and financial stability of the American state.
The bill will fight inflation and protect from market fluctuations. He called the reserve a “win-win” investment that would encourage creativity and offer a comprehensive framework for handling cryptocurrency holdings.
According to the Act, the Texas state treasury should establish a Bitcoin reserve overseen by the state comptroller and run as a separate fund from the general revenue fund. Residents will be able to donate cryptocurrency and pay taxes and fees and the holdings will be kept for at least five years.
The framework emphasizes public involvement in the state’s financial innovation by allowing citizens to contribute Bitcoin to the reserve. The bill will become effective immediately if both legislative houses have a two-thirds majority; if not, they will take effect on September 1, 2025. September 1st is the law’s expiration date.
Capriglione’s proposal is part of a growing Bitcoin adoption movement in the United States. Other states have enacted legislation safeguarding the rights to self-custody and cryptocurrency mining in Oklahoma, Louisiana, Montana, and Arkansas. Furthermore, the momentum is consistent with President-elect Donald Trump’s pro-virtual currency views.
Senator Cynthia Lummis of Wyoming recently reaffirmed her pledge to create a Bitcoin stockpile while campaigning and urging support from the cryptocurrency community.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals