Texas Lawmakers Eye Strategic Bitcoin Reserve as Momentum Builds Across the Globe

Preliminary talks are reportedly underway among Texas lawmakers regarding the potential creation of strategic Bitcoin reserve legislation, as revealed by the Satoshi Action Fund (SAF), an advocacy group focused on cryptocurrency.

During a recent appearance at the North American Blockchain Summit, SAF CEO Dennis Porter disclosed that a Texas lawmaker had begun discussions about introducing such legislation. He emphasized the significant potential impact of this initiative, especially considering that Texas ranks as the world’s eighth-largest economy, with a GDP of $2.4 trillion in 2022.

This proposal follows a broader trend seen in other regions. In July, U.S. Senator Cynthia Lummis introduced a bill aimed at establishing a national Bitcoin strategic reserve, which would create a fund to help manage national debt.

Additionally, Pennsylvania lawmakers have proposed a bill allowing the state’s treasury to allocate up to 10% of its funds in Bitcoin as a hedge against inflation. Porter believes that beyond just inflation protection, a state or national Bitcoin reserve could bolster U.S. Bitcoin mining efforts, safeguarding against foreign interference from countries like Russia or China. He noted that such a reserve could help stabilize the market and act as a buffer for American miners operating on tight margins.

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He also pointed to increasing international support, including a recent pledge by Polish presidential candidate Sławomir Mentzen, who promised to establish a Bitcoin reserve if elected. With growing momentum around this idea, Porter highlighted the competitive race to pass Bitcoin reserve legislation, stressing that its success would benefit all involved.

Alexander Zdravkov