Texas Introduces Legislation to Create State Bitcoin Reserve

Bitcoin (BTC) $104,616 price recently surpassed $102,500, driven by positive news surrounding the cryptocurrency. Today’s comments from Trump and yesterday’s inflation data have created a favorable environment for market growth. Additionally, promising news has emerged from Texas.

U.S. Bitcoin Treasury Proposal

Months ago, Senator Lummis suggested that the government should accumulate BTC, proposing a goal of collecting 1 million Bitcoins over five years. Lummis, who is drafting a bill for Bitcoin, has gained support from President Donald Trump. Furthermore, Republican State Representative Giovanni Capriglione presented a bill today in the Texas House of Representatives that enables cryptocurrency accumulation.

Capriglione stated that the proposal aims to strengthen the state’s financial stability, adding:

“Probably the biggest enemy of our investments is inflation. A strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state. I just submitted the bill titled ‘Establishing a Bitcoin Reserve within the Texas State Treasury and Regulation of Cryptocurrencies by State Agencies.’ My goal is to make this bill as comprehensive and extensive as possible.”

According to this proposal, taxes, fees, and donations will be accepted in BTC for at least five years, allowing the state to build a significant Bitcoin reserve.