Texas Proposes Strategic Bitcoin Reserve to Boost Financial Innovation
A Texas legislator has introduced a groundbreaking proposal to establish a Bitcoin reserve as part of the state’s financial strategy.
Filed by Republican Representative Giovanni Capriglione, the Texas Strategic Bitcoin Reserve Act aims to position the state as a leader in digital asset innovation while enhancing financial stability.
The proposed law outlines the creation of a reserve that accepts voluntary contributions from Texans in the form of Bitcoin through gifts, grants, or donations. Once acquired, the Bitcoin must remain in the reserve for at least five years before it can be transferred, sold, or converted into another digital asset.
READ MORE: Texas Bitcoin Investor Sentenced for Landmark Crypto Tax Evasion Case
Advocates highlight Bitcoin’s potential as a hedge against inflation and economic uncertainty, aligning with the state’s vision for financial resilience.
Dennis Porter, co-founder of the nonprofit Satoshi Action Fund, praised the initiative, calling it a historic step forward. He noted that this marks the first time a bill was introduced live during an X Spaces event, showcasing Texas’s innovative approach.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
