Texas Votes to Create Bitcoin Reserve

The Texas House of Representatives has voted in favor of SB 21, a bill that would create a strategic crypto asset reserve. The document was supported by 105 of the 128 voters, after which it will be sent to the governor for signature.

“This is an important step forward for Texas and the country. BTC is not only digital gold, but also a financial security tool,” said Dennis Porter, CEO of the Satoshi Action Fund, which supports the introduction of cryptocurrency into public finance.

According to the amendment adopted before the vote, only those crypto assets with a market capitalization exceeding $500 billion for two years (previously, the requirement was 12 months) can be included in the reserve. The only cryptocurrency that meets these criteria is Bitcoin, whose capitalization exceeds $2 trillion.

Thus, at this stage, we are talking about purchasing Bitcoin specifically, although the wording of the law allows for a broader list of assets in the future, if they meet long-term liquidity and sustainability. If the law is signed by the governor, Texas will become the third US state to implement strategic cryptocurrency purchases, following the examples of New Hampshire and Arizona. Given that the state’s economy is estimated at $2.6 trillion (which is larger than the GDP of Canada or Australia), this initiative could be a serious signal to other regions and even federal agencies considering the possibility of storing funds in decentralized assets.