Key Points
- Texas Senate Committee supports a bill to invest state surplus into Bitcoin.
- Over 20 U.S. states are considering Bitcoin reserve laws to diversify their portfolios.
The Texas Senate Committee on Business and Commerce has unanimously backed a bill proposing the state’s surplus dollars be invested into Bitcoin (BTC).
The bill, known as the Texas Strategic Bitcoin Reserve and Investment Act, was proposed by Republican Charls Schwertner, the committee chair. It received a resounding 10-0 vote in favor.
Next Steps and Implications
The state’s Senate will now deliberate on the proposal. Schwertner expressed optimism, stating that the vote was a “critical first step in making a strategic investment in Texas’ financial future”. If the Senate approves, the state could potentially invest from its $24 billion cash reserve.
Meanwhile, more than 20 other U.S. states are also looking at passing similar Bitcoin reserve laws. This would involve directing taxpayer dollars into the world’s largest cryptocurrency by market cap.
States such as Arizona, Oklahoma, and Utah are drawing closer to passing such laws. However, a similar bill in White Montana failed to pass a House vote.
Bitcoin and State-Level Adoption
States are viewing Bitcoin as a means to diversify their sovereign portfolios. The return of Donald Trump as the first ‘Bitcoin president’, along with significant spending on cryptocurrency during general elections, has likely influenced state-level adoption.
