Texas passes Bitcoin reserve bill, set for billions in investment

! ## Tens of millions of dollars in investment if signed.

The Texas House of Representatives in the United States overwhelmingly passed Senate Bill No. 21 on the 22nd, which authorizes the establishment of a Bitcoin (BTC) strategic reserve by the state government.

The bill is expected to be enacted after being signed by Governor Greg Abbott, and if approved, it will make Texas the third state in the U.S. to hold Bitcoin reserves, following New Hampshire and Arizona. In response to this move, the price of Bitcoin updated its all-time high in the middle of the night, surpassing $109,000.

Lee Bratcher, founder and chairman of the lobbying group Texas Blockchain Council, told The Block, “I’ve spoken to Governor Abbott personally and I think he wants Texas to take the lead in this area,” adding that the governor’s signature is expected within a week or two. As for the state’s initial investment, he said, “It’s a very modest amount for the size of Texas, but it’s going to be in the tens of millions of dollars.”

The determination of the investment amount is entrusted to experts from the state’s auditor’s office, and the timing and amount of purchases are decided based on established investment criteria. Texas has one of the largest economies in the world, surpassing many countries in economic power, and is known for its crypto-friendly environment, hosting a large number of Bitcoin miners.