Texas policymakers have sovereign wealth of around $24 billion as the state Senate passed the Bitcoin Reserve Act.
The Senate Committee on Business and Commercial unanimously supported a bill that would invest the state's surplus in Bitcoin (BTC) as the government contemplated the adoption of crypto reserves.
Republican Charles Schwartner, the committee chair, won 10-0 landslide votes for his proposal titled the Texas Strategic Bitcoin Reserve and Investment Act.
The state Senate considers after Schwartner following overwhelming bipartisan support. “Today's vote was an important first step in making strategic investments in the future of Texas' finance,” Chairman Schwartner said in a statement. Lawmakers can invest from the state's $24 billion cash reserve, if approved by the Senate.
Over 20 US have competed to pass the BTC reserve law, focusing taxpayer dollars on the market capitalization of the largest cryptocurrency. White Montana's BTC Reserve bill failed to clear votes in Arizona, Oklahoma and Utah.
The state sees BTC as a way to diversify its sovereign portfolio. President Donald Trump's return as first president of Bitcoin and as Crypto's mammoth spending during the general election undoubtedly helped push the needle on state-level adoptions.
