Texas is about to become the third state in the U.S. to hold Bitcoin reserves!

Texas is just one step away from becoming the third state in the U.S. to hold Bitcoin reserves. On May 7, the Texas House committee passed the Republican-backed Senate Bill No. 21, which will authorize the establishment of a Bitcoin reserve managed by the state government, needing just one more vote to officially become law.

The Bitcoin reserve bill is about to pass

The bill has already passed in the Texas Senate and is now awaiting a full vote in the House. If it passes smoothly, the bill will authorize the state auditor to manage a strategic Bitcoin reserve, allowing funds to be allocated to digital assets with a market value of at least $500 billion. Bitcoin is undoubtedly becoming the preferred reserve asset.

States across the U.S. are following suit

Texas will become the third state to establish an official Bitcoin reserve, following New Hampshire and Arizona. This trend shows a gradual acceptance of Bitcoin as a financial tool by various states, viewing it not only as an investment option but also as a strategic asset to combat changes in monetary policy.

Towards innovation and financial independence

Supporters of the bill claim that this initiative will align Texas with global financial innovation while enhancing its resilience amid global monetary policy changes. Now, all eyes are on the final vote result in the Texas House, which will determine whether this groundbreaking bill is sent to the governor for approval.