Texas and Oklahoma Saddle Up to Build Historic Bitcoin Stockpiles
Texas Spearheads U.S. Bitcoin Reserve Adoption; Republican States Propose Investment Laws Amid Global Political Support for National Bitcoin Reserves.
Key Takeaways:
- Texas leads state-level Bitcoin reserve adoption movement
- Multiple Republican states propose Bitcoin investment legislation
- Global politicians increasingly support national Bitcoin reserves
Lawmakers in Texas and Oklahoma are spearheading proposals to establish state Bitcoin reserves, underscoring the increasing adoption of digital assets in public finance.
This momentum comes as Donald Trump prepares to take office on January 20. Expectations are mounting that the pro-crypto president will promote a federal Bitcoin reserve during his tenure.
Texas Sets Its Sights on Becoming the First State with a Bitcoin Reserve
On January 16, Texas State Senator Charles Schwertner revealed on X that he had filed Senate Bill 778 (SB 778) to establish a Bitcoin Reserve.
The senator emphasized that Texas must take the initiative, positioning the state as a pioneer in the digital economy. If passed, the bill would catalyze economic growth and secure financial independence for Texas, placing it at the forefront of Bitcoin adoption.
The proposed bill seeks to create a dedicated fund separate from the general revenue fund, enabling Texas to own and manage Bitcoin as a financial asset. It also includes provisions for accepting public Bitcoin donations, implementing secure storage systems, and conducting regular audits to ensure transparency.
The bill restricts Bitcoin-related spending to 1% of the state’s general revenue to minimize risks and ensure a balanced approach to innovation and financial management.
This is not the first Bitcoin Reserve bill to emerge in Texas.
Last year, State Representative Giovanni Capriglione introduced House Bill 1598 to establish a Strategic Bitcoin Reserve. While that proposal stalled, the introduction of SB 778 signals renewed determination by Texas lawmakers to put the state at the forefront of the Bitcoin revolution.
Meanwhile, the push for Bitcoin reserves extends beyond Texas. On January 15, Oklahoma Representative Cody Maynard proposed House Bill 1203, known as the Strategic Bitcoin Reserve Act.
The bill advocates allocating a portion of the state’s pension funds and savings accounts to Bitcoin as a hedge against inflation. Like Texas, Oklahoma aims to strengthen its economic resilience by adopting Bitcoin as a strategic asset.
These developments come just days before President-elect Donald Trump’s inauguration on January 20. Trump, a vocal supporter of cryptocurrency, has hinted at the possibility of establishing a federal Bitcoin reserve during his tenure.
With Republican-led states like Texas and Oklahoma pushing forward, the momentum for Bitcoin as a reserve asset continues to gain traction.
US States and Other Countries Eyes Bitcoin Reserve as a Store of Value
In November 2024, Pennsylvania lawmakers proposed creating a strategic Bitcoin reserve. This reserve would authorize the state Treasury to invest up to 10% of its assets in BTC.
State Representative Mike Cabell endorsed the proposal, highlighting how private asset managers like BlackRock and Fidelity use Bitcoin to protect investments from macroeconomic risks.
Just months later, on January 10, North Dakota and New Hampshire followed Pennsylvania’s lead by introducing their Bitcoin reserve bills. These bills took a broader approach, referring to “digital assets.” This suggests that the state may explore diversifying its holdings beyond Bitcoin.
The push for Bitcoin reserves has ignited excitement and controversy.
Critics, including former U.S. Treasury Secretary Lawrence Summers, have characterized the idea as impractical and politically motivated. During his campaign, the former Treasury Secretary particularly contested Donald Trump's proposal for a national Bitcoin reserve, describing it as a risky and misguided initiative.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
Related Posts
Updated Jan 17th, 2025
BlackRock Study Finds Bitcoin Adoption Rate Outpaces Internet and Mobile Growth
Updated Jan 15th, 2025
Healthcare Giant Semler Scientific Bags More BTC with $23M Treasury Play
Updated Jan 15th, 2025
Toncoin Price Outlook: TON Is Gearing Up for a Bullish Breakout
