Texas lawmakers are exploring a significant move to invest approximately $24 billion from the state’s sovereign wealth into Bitcoin as discussions around cryptocurrency reserves gain momentum.
The Texas Senate Committee on Business and Commerce has unanimously advanced a bill aimed at channeling state surplus funds into Bitcoin (BTC), signaling a shift towards embracing digital assets at the governmental level.
Chair of the Committee, Charls Schwertner, led the charge for the proposal known as the Texas Strategic Bitcoin Reserve and Investment Act, which received a decisive 10-0 vote in favor.
This initiative will now proceed to a full Senate vote, following strong bipartisan support. “Today’s vote marks a pivotal first step towards a strategic investment in Texas’ financial future,” stated Schwertner. If the Senate approves, funds could be allocated from the state’s $24 billion cash reserve.
More than 20 U.S. states are actively pursuing similar Bitcoin reserve legislation, keen to direct taxpayer dollars into the growing cryptocurrency market. While Montana’s BTC reserve bill stalled in the House, states like Arizona, Oklahoma, and Utah are progressing towards legalizing such measures.
As states look to diversify their financial portfolios with Bitcoin, the growing acceptance of cryptocurrency at the state level reflects a broader trend influenced by recent political developments and increased spending in the crypto space during election cycles.
