Texas Takes a Big Step into the Future: A Bitcoin Reserve
In a big move, the Texas Senate has passed a bill to create a special Bitcoin reserve. This is a huge step for the state in accepting cryptocurrency. It makes Texas a leader in using Bitcoin and sets an example for other states to follow. Let’s learn more about this new law and what it means.
What’s the Bill About?
The bill, called Senate Bill 21 (SB 21), was introduced by Senator Charles Schwertner in January 2025. At first, it was only about Bitcoin, but it was later changed to include other digital assets worth at least $500 billion. This is an amount only Bitcoin has reached so far[1][2]. The bill wants to create a special fund outside the main treasury. This fund would let the Texas comptroller buy, sell, or invest in Bitcoin and other approved cryptocurrencies[2].
Why is the Bill Important?
People who support the bill say that a Bitcoin reserve can protect against economic problems and inflation, just like gold does in regular markets[1][3]. Senator Schwertner said that Bitcoin’s limited supply and how it changes make it a good thing to invest in[5]. Also, the bill is seen as a way for Texas to show it doesn’t agree with the federal government’s growing debt and to lead the way in the crypto industry[2].
How Did the Senate Vote?
The Texas Senate passed SB 21 with a strong vote of 25-5, showing they really support the idea[1][3]. This comes at a time when more people in the country are interested in Bitcoin reserves. Even President Donald Trump is thinking about creating a federal Bitcoin reserve[3]. If Texas becomes the first state to officially own Bitcoin as part of its financial plan, it could inspire other states to do the same[3].
Who Will Watch Over the Reserve?
No money has been set aside yet, but Senator Schwertner plans to ask for some, maybe around $20 million for the next two years[2]. The reserve will be watched over by a group of experts in crypto investing. These experts will be chosen by the comptroller to make sure the right decisions are made[2].
What Does This Mean for Texas?
The Texas Senate’s approval of SB 21 is a big moment in the state’s journey to accept Bitcoin and cryptocurrency. By creating a special Bitcoin reserve, Texas is not only adding to its financial assets but also showing it’s committed to innovation and being strong economically. Now, everyone is watching to see if Texas can successfully do this and if other states will follow[4].
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– Happy Scribe
– U.Today