Texas to Launch Strategic Bitcoin Reserve, What’s the Impact?
Jakarta, Pintu News – Texas is getting closer to having its own Bitcoin Reserve after legislators gave strong support to the bill.
The bill, which aims to establish the Texas Strategic Bitcoin Reserve, has successfully passed its second reading with significant bipartisan support.
With this development, Texas could potentially become one of the US states with strategic Bitcoin reserves, following in the footsteps of Arizona and New Hampshire.
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Texas Strategic Bitcoin Reserve Bill
The Texas Strategic Bitcoin Reserve bill has reached its third reading after gaining a majority vote in the House. According to a post on X by Scott Melker, the bill has received overwhelming support from various parties.
With management to be carried out by the Texas Comptroller of Public Accounts, the reserve is expected to secure the state’s financial position in the future. This Bitcoin reserve is not only a form of investment, but also a strategic move in the face of global economic fluctuations.
By having Bitcoin reserves, Texas hopes to reduce reliance on traditional assets such as gold and fiat currencies, which are often unstable under certain economic conditions.
Read also: The New Face of New York: The City is Ready to Become a Fintech Hub with a New Crypto Council!
Interest in Bitcoin by Other States Increases
After US President Donald Trump signed an executive order for a National Bitcoin Reserve, interest in Bitcoin reserves by states increased dramatically. States like Utah, Oklahoma, and Kentucky are also in the process of drafting similar legislation.
This decision sparked a sort of “gold rush” among states to soon have their own Bitcoin reserves. At the international level, a similar step was taken by a Ukrainian legislator who plans to draft a Strategic Bitcoin Reserve law, which would be the first of its kind in the European Union.
Binance, one of the largest crypto exchanges, has expressed their support for this plan, showing that interest in Bitcoin is not just limited to the US.
Read also: ECB: “Digital Euro Accessible to Millions of Citizens by Italian Post!”
What is the Impact on Bitcoin (BTC) Price?
The impact of this initiative on Bitcoin price is significant. The price of Bitcoin has jumped to $106,000, close to the previous record high. This price hike indicates increased demand as well as investor confidence in Bitcoin as a long-term investment asset.
In addition, well-known figures such as Conor McGregor have also shown interest in setting up a Bitcoin reserve in Ireland. McGregor has even scheduled a meeting with El Salvador President Nayib Bukele, whose country has adopted Bitcoin as legal currency. This shows that Bitcoin is increasingly accepted not only as a speculative asset, but also as legal tender.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- Coingape. Texas Strategic Bitcoin Reserve Bill Advances to Third Reading. Accessed on May 22, 2025
- Featured Image: The Defiant
