$BTC
Texas state Senator Charles Schwertner has introduced Senate Bill (SB 778) to establish a strategic Bitcoin reserve in Texas. If passed, Texas would be the first state to have such a reserve, positioning it at the forefront of the digital economy. The bill aims to create a special fund for the state to own and hold Bitcoin (BTC) as a financial asset and accept Bitcoin donations from the public. It recognizes Bitcoin's potential to enhance financial resilience and serve as a hedge against inflation and economic volatility. The bill also proposes secure storage and management systems, including cold storage and regular audits for transparency and security. The funding for Bitcoin purchases would be limited to 1% of general revenue.
This is not the first attempt to establish a Bitcoin reserve in Texas. In December, Texas Representative Giovanni Capriglione proposed a similar bill (HB 1598) through the House. Other states like Oklahoma, Pennsylvania, North Dakota, and New Hampshire have also introduced similar bills recently.
