Texas Senate Takes Big Step for Bitcoin
The Texas Senate has done something amazing! They’ve passed a bill called Senate Bill 21 (SB-21). This bill wants to create a special fund for Bitcoin and other cryptocurrencies in the state. This is a huge deal because it means Texas is serious about using digital money in its financial plans.
What’s in the Bill?
At first, the bill was only about Bitcoin. But later, it was changed to include other digital assets too. The bill says Texas can buy, sell, or invest in cryptocurrencies that are worth at least $500 billion. Right now, only Bitcoin is worth that much.
The bill also says the Texas comptroller can choose experts to help manage this new fund. No one knows yet how much money will be used for this, but Senator Charles Schwertner, who introduced the bill, wants to ask for around $20 million for the next two years.
Why is this important?
People who support this bill say it’s a smart way for Texas to protect its money. They think Bitcoin can be a good investment, like gold. They also think it shows Texas is a leader in using Bitcoin and doesn’t like the federal government’s big debt.
What’s happening in the rest of the country?
Texas isn’t the only place talking about Bitcoin reserves. The president of the United States, Donald Trump, also wants to create a Bitcoin reserve for the whole country. Many other states are thinking about doing the same thing too.
What’s next?
Now that the Texas Senate has passed the bill, it will go to the Texas House. If they also say yes, Texas will be the first state to have a Bitcoin reserve. This could make Texas a leader in using cryptocurrencies and might inspire other states to do the same.
As the world changes and uses more digital things, cryptocurrencies like Bitcoin could become very important for money and economics. Texas is taking a big step towards being a leader in this new world.
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– U.Today
