Texas, US establishes strategic Bitcoin reserve fund

On December 12, the Texas state legislature introduced a bill that would allow the second largest state in the US to start building a strategic Bitcoin reserve fund, receiving taxes, fees and donations in Bitcoin.

Bitcoin cryptocurrency. Photo: AFP/VNA

Speaking on social network X, Congressman Giovanni Capriglione said that he has submitted a bill to the Texas legislature to establish a strategic Bitcoin reserve fund. He emphasized that this will bring many benefits, including optimizing the state's asset management, increasing transparency and creating new investment opportunities for the state's financial resources. The bill also reflects the growing trend of accepting and using cryptocurrencies in public financial policies. If passed, the Bitcoin reserve fund could become an important part of the financial strategy of the state of Texas. According to CNBC, the Texas bill will be a "test" of the US Treasury. Texas is also the state with the highest density of Bitcoin miners in the US. Currently, the bill does not include a direct Bitcoin purchase strategy, aiming to strengthen the financial stability of Texas.

The establishment of a strategic Bitcoin reserve fund by the state of Texas is significant in many aspects. Among them, it shows the acceptance and investment in blockchain technology and cryptocurrencies, especially Bitcoin, from the government. This can promote the development of the cryptocurrency and financial technology industry in Texas. The Bitcoin reserve fund allows the state of Texas to diversify its investment portfolio, minimizing risks from traditional assets. In the context of inflation and financial market volatility, Bitcoin is considered "digital gold" and can act as a safe haven asset. Investing in Bitcoin can create job opportunities and attract cryptocurrency-related companies to Texas, boosting the local economy. The presence of a Bitcoin reserve fund can create a platform for the development of policies and regulations related to cryptocurrencies, helping to create a clear and favorable legal environment for investors and businesses. The Texas state government's involvement in the cryptocurrency sector could increase public acceptance of the technology, encouraging more people to get involved in investing and using Bitcoin./.

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