Texas has become the first state in the United States to establish an independent and publicly funded Bitcoin reserve fund after Governor Greg Abbott signed Senate Bill 21 over the past weekend.
Unlike Arizona and New Hampshire, which have approved similar laws but did not allocate budgets, Texas has earmarked $10 million to invest in this Bitcoin reserve fund.
Through this move, Texas is opening a new chapter for financial future, asserting its pioneering position in harnessing the potential of cryptocurrency assets.
Trump's pro-cryptocurrency stance encourages many U.S. states to establish Bitcoin reserves.
Legislation 21 requires the state to establish a Bitcoin reserve fund that operates independently from the official treasury. This aligns with the trend of a few other states also researching digital asset reserve funds.
The allocation of $10 million by Texas for the Bitcoin reserve fund was announced just a few months after the Trump administration announced the establishment of a national cryptocurrency reserve fund.
However, this national reserve fund is expected to be funded through neutral budget sources, such as from the seizure of digital assets or the issuance of crypto bonds.
Governor Abbott also signed into law HB 4488, a measure to protect the Bitcoin reserve fund from 'sweeps' into the state's general budget.
New laws change how states handle digital assets, viewing them not just as speculative instruments but also as sovereign financial tools that can be held for long-term profit.
Texas establishes a Bitcoin reserve fund to combat inflation and showcase financial strength.
Texas Governor Greg Abbott has signed Senate Bill 21 (SB21), officially allowing the establishment of the Texas Strategic Bitcoin Reserve Fund.
According to the legal text, the new reserve fund will help the state strengthen its financial resilience and may serve as an effective inflation hedge.
Only cryptocurrencies with a market capitalization over $500 billion are allowed to be included in the fund, a high threshold that only Bitcoin has achieved to date.
The fund will be managed by the Texas Auditor's Office, receiving advice from a committee of three cryptocurrency investment experts.
In addition to direct purchases, the fund can be supplemented through mechanisms such as forks, airdrops, investment profits, or public donations. Public reports on the portfolio and performance of the fund will be published biannually.
With this strategy, Texas becomes the third state in the United States to pass Bitcoin reserve legislation.
Public companies are driving the trend of accumulating BTC in their treasury.
For example, on Friday, June 20, the Bitcoin-holding company of cryptocurrency advisor President Donald Trump, David Bailey, Nakamoto Holdings, raised $51.5 million through a public stock offering (PIPE) to increase BTC reserves.
Moreover, last week, The Blockchain Group – a publicly listed technology company in Paris, increased its Bitcoin reserves by purchasing an additional 182 BTC worth approximately $19.6 million. The total BTC held is now 1,653.
In the past month, many businesses have proactively added Bitcoin to their treasury, closely monitored by data from BitcoinTreasuries. This information confirms the trend of public companies continuing to increase their BTC holdings.
Source: https://tintucbitcoin.com/texas-thiet-lap-quy-bitcoin-dau-tien/
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