Texas policymakers have roughly $24 billion in sovereign wealth as the State’s Senate weighed passing Bitcoin reserve legislation.
During a time when governments were considering the acceptance of cryptocurrency reserves, the Texas Senate Committee on Business and Commerce unanimously supported a bill that would invest state surplus dollars into Bitcoin.
A resounding 10-0 vote was cast in favor of the Texas Strategic Bitcoin Reserve and Investment Act, which was proposed by Charls Schwertner, a Republican who serves as the chair of the Committee. In light of the overwhelming support from both parties, the State Senate will now take Schwertner’s proposal into consideration.
Chairman Schwertner said in a statement that the vote that took place today was an important first step in the process of making a strategic investment in the future of Texas’s finances.
With the approval of the Senate, legislators would be able to make investments from the state’s cash reserve of 24 billion dollars. More than twenty states in the United States competed to pass Bitcoin reserve laws, which resulted in the transfer of funds from taxpayers to the Bitcoin market cap.
Despite the fact that the bill to reserve Bitcoin in White Montana was not successful in passing a House vote, Arizona, Oklahoma, and Utah moved closer to passing laws. The nation-states view Bitcoin as a means of diversifying their sovereign portfolios.
There is no doubt that the return of President Donald Trump, who is the first person to ever hold the office of President, as well as the massive spending of cryptocurrency during the general elections, helped push the needle on state-level adoption.
