Texas Senate Makes a Big Move with Bitcoin Bill
The Texas Senate has done something amazing! They passed a bill called Senate Bill 21 (SB-21) that wants to create a special fund for Bitcoin and other cryptocurrencies. This is a huge step towards using cryptocurrencies in a big way.
What’s in the Bill?
At first, the bill was only about Bitcoin, but now it’s about other digital assets too. The bill wants to create a special fund outside the normal state treasury. The Texas comptroller can then buy, sell, or invest in cryptocurrencies that are worth at least $500 billion in the market. Right now, only Bitcoin is worth that much.
The bill doesn’t say how much money will be used for this, but the senator who made the bill wants to ask for around $20 million for the next two years. The comptroller will also pick some experts to help make decisions about the fund.
Why is this a big deal?
People who support this bill say it’s a good way for Texas to protect its money. They think Texas could be a leader in using Bitcoin and show that the federal government’s debt is a problem. They also say it’s like investing in gold, not a competitor to the US dollar.
What’s happening in other places?
Texas isn’t the only place interested in Bitcoin reserves. The president of the United States also wants to do this. Many other states have also made similar bills. This shows that more and more people think cryptocurrencies could be important for states’ money.
What’s Next?
The bill will now go to the Texas House. If they also agree, it will be a big step for Texas to become a leader in using cryptocurrencies. This could also make other states think about doing the same thing.
As the world becomes more digital, using cryptocurrencies like Bitcoin could change how we think about money and leadership. We’ll have to wait and see if Texas succeeds in being a pioneer in this area.
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– U.Today
