Texas just made a bold move by becoming the first U.S. state to create a publicly funded Bitcoin reserve, turning talk into action with actual money on the line. Governor Greg Abbott signed the bill into law over the weekend, putting Texas ahead of other states still only discussing digital asset plans.
Unlike similar initiatives in Arizona and New Hampshire, which only authorized bitcoin reserves, Texas has committed real funding. The state will allocate $10 million to purchase bitcoin as part of the reserve — a relatively small portion of the state’s budget (just 0.0004%) but one with potentially far-reaching implications.
As per the reports, Lee Bratcher, president of the Texas Blockchain Council, stated that despite its small size, this acquisition makes a clear statement about Texas’s commitment to a digital financial future and forward-thinkingness. The reserve will be managed independently of the state’s main treasury.
Governor Abbott signed the Bitcoin Reserve Bill SB 21 into law after it was passed by the Texas House on May 21. The bill was introduced by State Senator Charles Schwertner, with Representative Giovanni Capriglione backing it in the House. It got strong support, 105 votes for, just 23 against.
Digital assets will be used as a tool to strengthen Texas’s economy. It is “a forward-thinking measure,” according to Rep. Capriglione, that seeks to view digital assets as a genuine possibility rather than merely a fad.
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