Texas Prioritizing Bitcoin Reserve for This Year

Texas Lieutenant Governor Dan Patrick has  listed the creation of a state-level Bitcoin reserve among the top legislative priorities for the current year. 

Notably, the initiative has received a very symbolic bill number (Senate Bill 21). This is a reference to Bitcoin's maximum supply cap. 

Earlier today, Axios  reported that the Lone Star State, which boasts a GDP of $2.4 trillion, could start owning the leading cryptocurrency as a financial asset. The bill would allow the state to collect coins through taxes and donations. However, its initial version did not include a Bitcoin buying strategy.  

The Texas House of Representatives initially introduced a bill to create a strategic Bitcoin reserve in December. The legislative initiative is meant to bolster the fiscal stability of the second-biggest US state by GDP amid concerns about inflation.    

Texas is, of course, known as a major Bitcoin mining hub with plenty of industrial-scale operations.  

Other states are also mulling over establishing their own Bitcoin treasuries. They include Florida, Ohio, North Dakota, and Wyoming. 

Meanwhile, Senator Cynthia Lummis of Wyoming has announced that public hearings on the implementation of a federal Bitcoin reserve will be one of her first priorities. 

Lummis was recently appointed as the chair of a newly established Senate subcommittee on digital assets.

Her bill, which was introduced last year, would require the U.S. Treasury to acquire a total of 1 million coins over a five-year period. 

There is currently a 55% chance of a strategic Bitcoin reserve being established as soon as this year, according to cryptocurrency-powered betting market Polymarket.