Texas became the first state to create a Bitcoin reserve using public funds ($10 million) in the United States. This reserve will be kept separate from the general budget and managed by an independent structure thanks to the newly enacted HB 4488 law. Thus, Texas has taken a concrete investment step towards cryptocurrencies, unlike other states.
In a first for the United States, Texas established a $10 million Bitcoin reserve using public funds. Governor Greg Abbott opened the way for this investment by approving Senate Bill 21 last weekend. States like Arizona and New Hampshire have enacted similar laws but did not allocate funds; Texas has concretely demonstrated its interest in cryptocurrencies with this move.
The reserve will be independent of Texas's main treasury and managed by the state auditor under the guidance of a three-person cryptocurrency advisory committee. The fund can grow not only through direct Bitcoin purchases but also through methods such as forks, AirDrops, realized gains, or public donations. Detailed reports regarding the reserve will be shared with the public every two years.
While $10 million is a small amount compared to the state's total budget, experts consider this step significant progress. Lee Bratcher, the President of the Texas Blockchain Council, states that this decision is a strong indication that Texas is ready to lead in financial future. Additionally, only cryptocurrencies with a market value over $500 billion can be included in the reserve; currently, this threshold is only applicable to Bitcoin.
Governor Abbott also approved the HB 4488 law, preventing the Bitcoin reserve from being accidentally included in the general budget during financial restructurings. With this step, Texas aims to secure its Bitcoin assets. This development emerged while the Trump administration was pursuing plans to create a national cryptocurrency reserve, adopting a different approach rather than direct funding.
With these two approved laws, Texas has clarified its strategy towards Bitcoin, transforming cryptocurrencies from speculative tools into a strong element of the state's financial structure.
Experts believe that Texas's move could inspire other states to update their treasury strategies. For now, Texas stands out as the first and only state to officially include Bitcoin in its public budget. This bold step is seen as a significant milestone regarding the role of cryptocurrencies in state finances.
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