Texas Establishes Strategic Bitcoin Reserve
Texas is now among the few states to legislate a strategic Bitcoin reserve, following Governor Greg Abbott's signing of SB 21. This positions Texas alongside Arizona and New Hampshire, although Texas sets itself apart with a publicly-funded reserve, managed by Comptroller Glenn Hegar. State Senator Charles Schwertner advocated for this reserve, emphasizing Bitcoin's performance as an asset. Additional legislation, HB 4488, safeguards the reserve from state's financial redistributions and ensures its legal standing even without immediate Bitcoin purchases. Lee Bratcher, President of the Texas Blockchain Council, anticipates significant, yet measured, investments driven by professional oversight.
FAQ
❓ Why is Texas creating a Bitcoin reserve?
Texas aims to diversify its assets by investing in Bitcoin, considering its strong performance over the past decade.
❓ How will the Texas Bitcoin reserve be managed?
The reserve will be managed by the Texas Comptroller of Public Accounts and guided by professional investment standards.