Texas Senate Unanimously Backs Bitcoin Investment Bill

The Texas Senate is set to consider a bill that would allow the state to invest a portion of its sovereign wealth into Bitcoin (BTC). The Texas Senate Committee on Business and Commerce recently voted unanimously in favor of the Texas Strategic Bitcoin Reserve and Investment Act, proposed by Republican Charls Schwertner, the committee's chair.

The bill, if passed, would enable the state to invest from its $24 billion cash reserve into BTC, a move that could help diversify Texas' sovereign portfolio. The overwhelming bipartisan support for the bill, which received a 10-0 vote, indicates a growing interest in cryptocurrency adoption among state lawmakers.

Texas is not alone in its consideration of BTC reserves. Over 20 U.S. states have been racing to pass similar legislation, funneling taxpayer dollars into the largest cryptocurrency market cap. While Montana's BTC reserve bill failed to clear a House vote, other states such as Arizona, Oklahoma, and Utah have been inching closer to passing their own laws.

The growing interest in BTC reserves among states can be attributed to several factors. The potential for BTC to serve as a hedge against inflation and currency devaluation has become increasingly appealing to lawmakers. Additionally, the significant spending on crypto during the 2020 U.S. presidential election, as well as the potential influence of former President Donald Trump's stance on Bitcoin, may have contributed to the push for state-level adoption.