The Texas House of Representatives has proposed a bill to establish a strategic Bitcoin reserve, which will be held for at least five years

2024-12-13 07:54:19

Collection

ChainCatcher news, according to CNBC, on Thursday, the Texas House of Representatives proposed legislation to establish a strategic Bitcoin reserve, which could serve as a testing ground for the U.S. Treasury. Republican Representative Giovanni Capriglione announced at the X Spaces event on Thursday that the bill proposes to allow the state to establish a strategic Bitcoin reserve by accepting taxes, fees, and donations in the form of Bitcoin, and to hold it for at least five years.

The nonprofit Bitcoin advocacy organization Satoshi Action Fund, which collaborated with Capriglione to draft the bill, stated that this legislation aims to provide a way to strengthen the state's financial stability and make it a leader in Bitcoin innovation. Capriglione said, "Inflation may be the biggest enemy of our investments, establishing a strategic Bitcoin reserve and investing in Bitcoin would be a win-win for the country." Texas is not only the second-largest economy in the U.S. but also the eighth-largest economy in the world, and it is the region with the highest concentration of Bitcoin miners in the country.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.