Texas Republican Representative Giovanni Capriglione announced the introduction of legislation to establish a strategic Bitcoin reserve, which will serve as a testing ground for the U.S. Treasury Department. The proposed bill would enable the state to begin building a strategic Bitcoin reserve, receiving taxes, fees, and donations in Bitcoin, which would be kept for at least five years. The bill is intended to provide a way to strengthen the state's fiscal stability and make it a leader in Bitcoin innovation.
Capriglione said that the biggest enemy of our investment may be inflation, and creating a strategic Bitcoin reserve and investing in Bitcoin would be a win-win for the state. I just submitted the bill, titled "Establishing a Bitcoin Reserve within the Texas Treasury Department and Government Entities Managing Cryptocurrencies". Texas is not only the second largest state in the U.S. economy, but also has the highest concentration of Bitcoin miners in the country.