According to foreign media reports, Texas has proposed a bill to establish its own strategic Bitcoin reserves. The bill, introduced by Republican state representative Giovanni Capriglione, would allow Texas to accept Bitcoin for taxes, fees, and donations. If passed, this initiative would make the state a pioneer in the adoption of cryptos and financial innovation.

The bill aims to stabilize Texas's economy while combating inflation, which is a significant issue in today’s economic environment. Capriglione expressed confidence in the initiative during the X Spaces event, stating: "The biggest enemy of our investments may be inflation. Strategic Bitcoin reserves and investing in Bitcoin will be a win-win for the country."

Notably, the proposal does not require Texas to directly purchase Bitcoin. Instead, the Bitcoin acquired through the program will be held for at least five years. Capriglione hopes to gain broad support by adding flexibility in the legislation and emphasizes that adjustments can be made over time to strengthen the bill.

He said: "The first step is to allow some options and flexibility, but if I can get support from other legislators, we will make it even stronger."

Texas promotes Bitcoin as a form of tax.

Texas stands out in the field of cryptos. The state is home to the highest concentration of Bitcoin miners in the USA and is the second-largest economy in the USA, the eighth-largest economy globally. Capriglione's vision includes encouraging miners and businesses to pay taxes with Bitcoin, which could enhance Texas's financial and technological standing.

The timing of this proposal coincides with a growing interest in forming national strategic Bitcoin reserves. The campaign promises from incoming president Donald Trump, who is friendly toward cryptos, have sparked excitement, as Bitcoin prices have surged by over 45% in recent months. However, doubts remain about whether the USA government will quickly adopt such reserves.

Despite skepticism from some, a series of states, including Texas, are determined to take the lead. Pennsylvania recently became the first state to propose the establishment of a similar reserve, with currently 10 states and 4 countries discussing whether to follow suit. Capriglione collaborated with expert Porter, who supports Bitcoin-related legislation across multiple states, to draft the bill for Texas.

Pro-Cryptos policies gain momentum in the USA.

The momentum for pro-Cryptos laws is growing. In July this year, Trump promised to retain all Bitcoin held by the government as part of a Strategic Reserve, signaling a potential shift in national policy. Meanwhile, states such as Oklahoma, Louisiana, and Montana have enacted laws protecting Cryptos activities (such as mining and peer-to-peer trading).

Although the idea of Bitcoin reserves in the USA remains uncertain, it has sparked a Global discussion. According to Porter, regardless of what action the USA takes, this Concept could inspire Other countries to take similar measures. For Texas, the proposed Bitcoin reserve may represent a bold step towards financial innovation and strengthen its leadership position in the digital economy.

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