#BTCbelow100k Governor of Texas signed a law that adds Bitcoin to the official reserves.
Texas becomes the first state in the U.S. to allocate public funds to an independent Bitcoin reserve, with the aim of treating BTC as a long-term strategic asset.
Texas Governor Greg Abbott has signed Senate Bill 21 (SB21), which officially authorizes the creation of the Texas Strategic Bitcoin Reserve, a state-managed fund that will hold Bitcoin as part of the state's long-term financial assets.
The newly created reserve operates independently of Texas's general treasury system and aims to strengthen the state's financial resilience while serving as a potential hedge against inflation, according to the text of the bill.
Moreover, only assets with a market capitalization exceeding USD 500 billion can be included, a threshold currently met only by Bitcoin (BTC).
The fund will be managed by the Texas Comptroller of Public Accounts and will be overseen by an advisory committee made up of three cryptocurrency investment professionals.