Texas Takes a Big Step into the World of Cryptocurrency
The Texas Senate has done something amazing! They passed a bill called SB 21, which wants to create a special fund for Bitcoin. This is like Texas saying, “We want to be a leader in using cryptocurrency!”
What’s in the Bill?
The bill, also known as the Texas Strategic Bitcoin Reserve Bill, was passed by the Senate with 25 votes in favor and 5 against. It’s like a team sport where one team (the Senate) voted to let another team (Bitcoin) play in the game of finance. The bill wants to create a special fund outside the general treasury, managed by the Texas comptroller, who can buy, sell, or invest in Bitcoin.
Why Bitcoin?
Senator Charles Schwertner, who is like the team captain of the Senate Committee on Business and Commerce, thinks Bitcoin is a good idea because it can help protect money from losing value when prices go up (inflation). He says that regular savings accounts don’t help much with this, so we need to think of new ways to save money. Also, Bitcoin has shown that it can be a good investment even when the market is changing a lot.
What Does This Mean for the Whole Country?
Texas isn’t the only place talking about Bitcoin. The President of the United States, Donald Trump, has also said he wants to create a special fund for Bitcoin and other cryptocurrencies like XRP, Solana, and Cardano. Some people think Bitcoin should be the main one because it’s more stable and has a bigger market. But either way, it shows that more and more people are thinking that cryptocurrencies are a good way to save money.
Why is Texas Doing This?
Texas wants to attract and support the cryptocurrency industry, especially Bitcoin mining. They’re doing this by offering special deals and having a power grid that isn’t controlled by the government. This could make other states want to do the same thing, which could change how states think about money.
What’s Next?
The bill still has to go to the House for more discussion. We’ll have to wait and see what happens next. But no matter what, Texas is showing the world that it’s ready to try new things with money!
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Sources:
– bitcoinmagazine.com
– quorumreport.com
– thestreet.com
– gibsondunn.com
– coindesk.com
