According to Cointelegraph, Texas Lieutenant Governor Dan Patrick unveiled the state's legislative priorities for 2025 on January 29, which include a proposal to create a Texas Bitcoin Reserve. This initiative places Texas among at least five other U.S. states, such as Arizona and Utah, where legislative efforts are underway to establish Bitcoin or cryptocurrency reserves. In these states, strategic reserve bills have already progressed through committee stages.
In Texas, two public officials have introduced legislation aimed at establishing a Bitcoin reserve. The latest proposal was put forward by state Senator Charles Schwertner on January 16. Schwertner emphasized on social media platform X that a Texas Bitcoin reserve would position the state at the forefront of the digital economy, fostering growth and ensuring economic freedom for Texas.
Previously, in December 2024, Texas Republican state Representative Giovanni Capriglione introduced a bill in the state's House of Representatives to create a strategic Bitcoin reserve. This legislation would permit the payment of fees, taxes, and contributions in Bitcoin, which could then be utilized to establish the reserve.
Proponents of Bitcoin reserves argue that they signify a modernization of traditional financial systems, offering a hedge against inflation and signaling progress. Some countries, including Chile and the United States, are reportedly considering the establishment of cryptocurrency reserves. U.S. President Donald Trump has campaigned on the promise of creating a national strategic Bitcoin reserve, and Wyoming Senator Cynthia Lummis has introduced the BITCOIN Act to establish such a reserve.
Texas, the largest state in the U.S., boasts an economy that would rank as the 8th-largest in the world if it were a sovereign nation. The Texas comptroller reports that the state generates over $250 billion annually from taxes, fees, and assessments. Additionally, Texas has become a hub for Bitcoin miners, attracted by the state's affordable and abundant power, renewable energy sources, and crypto-friendly regulatory environment.
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