Texas submits Bitcoin reserve bill amid crypto adoption surge
The legislation proposes using Bitcoin for tax collection, fees, and donations to safeguard against inflation.
Texas has taken a bold step towards Bitcoin adoption with Republican State Representative Giovanni Capriglione introducing a bill to establish a state Bitcoin reserve. The legislation, submitted during a 12 Dec. X Spaces event, proposes collecting taxes, fees, and donations in Bitcoin to safeguard against inflation and promote financial resilience. Capriglione emphasised flexibility, aiming to make the bill as adaptable as possible to secure support from policymakers.
The push for Bitcoin adoption follows Donald Trump’s Nov. 6 political success, which spurred renewed enthusiasm for cryptocurrency. Trump has pledged to maintain America’s 207,000 Bitcoin holdings, while other states, such as Alabama, have also begun exploring their own Bitcoin reserves. The trend has gained traction with several states passing laws protecting crypto mining, self-custody, and peer-to-peer transactions.
While proponents argue for Bitcoin’s long-term benefits, critics like Charles K. Bobrinskoy caution against government adoption, labelling Bitcoin as a speculative bubble. However, institutional interest continues to grow, with firms like BlackRock and Kraken recommending limited Bitcoin allocations as digital assets become increasingly central to investment strategies.
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