The Texas legislature is considering the establishment of a Bitcoin strategic reserve through a newly introduced bill, H.B. No. 1598. Texas State Representative Giovanni Capriglione proposed the bill to accumulate a Bitcoin supply for the state, to be held for at least five years without being sold. Citizens are also allowed to donate to this fund. The bill emphasizes Texas's dedication to fostering innovation in digital assets and enhancing financial security for its residents. The cryptocurrency will be stored in cold storage and will not be used for transactions outside the state or internationally. Capriglione mentioned that the idea had been in development for some time, with a focus on combating inflation. The move aligns with a growing trend of governments and politicians recognizing Bitcoin as a valuable asset, similar to gold reserves. Texas's attractive environment for Bitcoin miners and the U.S. government's existing Bitcoin holdings further highlight the increasing interest in cryptocurrency reserves. Read more AI-generated news on: https://app.chaingpt.org/news

#BTC