Texas Lieutenant Governor Dan Patrick has announced that establishing a Bitcoin reserve will be a key legislative focus for the state in 2025.
Texas is among at least five U.S. states, including Arizona and Utah, considering similar crypto reserve initiatives. In Texas, two public officials have introduced legislation to create a Bitcoin reserve. The latest proposal came from state Senator Charles Schwertner on Jan. 16. In a post on X, Schwertner stated that a Bitcoin reserve would position Texas as a leader in the digital economy, promoting growth and economic freedom.
A similar bill was introduced in December 2024 by Republican state Representative Giovanni Capriglione, proposing a strategic Bitcoin reserve. This legislation would allow fees, taxes, and contributions to be paid in Bitcoin, which could then be used to build the reserve.
Supporters of Bitcoin reserves argue they modernize financial systems, provide an inflation hedge, and signal economic progress. On the national level, former President Donald Trump has campaigned on the idea of a U.S. strategic Bitcoin reserve, while Wyoming Senator Cynthia Lummis has introduced the BITCOIN Act to establish one.
Texas, the second-largest U.S. state by population, boasts a massive economy that would rank eighth in the world if it were a sovereign nation. The state generates over $250 billion annually in revenue from taxes and fees. Texas is also home to a significant number of Bitcoin miners, drawn by its affordable energy, renewable resources, and crypto-friendly regulations.
Featured image from: cointelegraph.com