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Texas proposes Bitcoin as state strategic reserve
By Daniele Corno
After Trump's words, a bill also comes to Texas: Bitcoin as state strategic reserve
Bitcoin enters the Texas treasury: proposal for a strategic reserve
Texas is preparing to make history. John Capriglione, a Republican representative, has introduced House Bill 1598, which proposes to establish a strategic reserve of Bitcoin.
BREAKING: Texas State Rep Giovanni Capriglione officially files for a Strategic #Bitcoin Reserve for the state of Texas 🇺🇸 pic.twitter.com/Xef1pxrQfT
— Bitcoin Magazine (@BitcoinMagazine) December 12, 2024
The announcement came during a space on X, organized by the Satoshi Act Fund, a group known for supporting Bitcoin mining. The fund will be financed through the payment of taxes, fines and donations in Bitcoin, which will be kept for a minimum of 5 years, putting it into the Texas state treasury.
“Probably the biggest enemy of our investments is inflation, “ Capriglione said. “A reserve strategy in Bitcoin, would be beneficial to the state. ”
This initiative ties directly to the vision of Donald Trump. During an interview on CNBC, the interviewer asked the president-elect if he envisions a Bitcoin strategy reserve similar to that for oil. Trump responded without hesitation: “I think yes, we will do something fantastic with cryptocurrencies. America will be at the head of it.”
A race involving multiple states
Texas is not alone in moving in this direction. Other states, such as Pennsylvania, have already proposed legislation to allow state treasurers to invest in Bitcoin. Senator Cynthia Lummis is also working on a plan to accumulate one million Bitcoins for the federal treasury within five years.
However, there is no shortage of criticism. Bill Dudley, former president of the Federal Reserve Bank of New York, called the idea counterproductive. In an article in Bloomberg, Dudley wrote, “There is no real benefit to the government or those who do not own Bitcoin. It’s just a way to push prices up.”
Bitcoin‘s future as a strategic reserve could mark a momentous turning point. If taken individually, Texas is the eighth largest global economy, and this opening, could mark a turning point not only for the United States but also globally.
