Texas has become the latest U.S. state to create a publicly funded %Bitcoin (CRYPTO: $BTC) reserve.
Texas Governor Greg Abbott has signed into law “Senate Bill 21” that directs the state to establish a Bitcoin reserve managed independently from its main treasury.
The Texas government is actively funding the Bitcoin reserve, appropriating $10 million U.S. to immediately purchase the largest %Cryptocurrency by market capitalization.
New Hampshire was the first U.S. state to pass legislation to create a strategic Bitcoin reserve. Several other states are debating whether to acquire cryptocurrencies with taxpayer money.
The foray into BTC among American states comes months after the Trump administration announced the creation of a national cryptocurrency reserve.
However, the federal U.S. crypto reserve is being funded in budget-neutral ways such as through cryptocurrency asset seizures or by issuing cryptocurrency bonds.
In Texas, the legislation marks a shift in how states may begin treating cryptocurrencies and other digital assets.
Texas lawmakers said they see Bitcoin not as a speculative investment but as a sovereign financial instrument worth holding long-term.
The price of BTC is currently at $105,265 U.S., having gained 13% this year.
