Texas is on the verge of becoming the third state to establish a strategic Bitcoin reserve, according to Lee Bratcher, founder and President of the Texas Blockchain Council. On Tuesday, Bratcher indicated that Governor Greg Abbott is likely to sign Senate Bill 21 into law, following its passage by state lawmakers on Wednesday. The bill allows for the creation of a Bitcoin reserve within the state.
Bratcher stated he has discussed the matter with Gov. Abbott, anticipating Texas will lead in this initiative. He expects the bill to reach the governor's desk within approximately two weeks. If signed, Texas would follow New Hampshire and Arizona in establishing a Bitcoin reserve; the concept dates back to 2022.
Bratcher estimates the state will initially invest tens of millions of dollars in Bitcoin. He noted this is a modest amount for a state the size of Texas. The state comptroller will determine the specifics of the purchases.
Texas has been a crypto-friendly state and home to many Bitcoin miners. The Texas Blockchain Council has been advocating for the state to create a Bitcoin reserve for years.
This article is based on our author's analysis of materials taken from the following resource: The Block.