{"id":8165,"date":"2025-01-17T01:32:11","date_gmt":"2025-01-17T01:32:11","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=8165"},"modified":"2025-01-17T01:32:11","modified_gmt":"2025-01-17T01:32:11","slug":"bitcoin-state-of-mind-texas-aims-to-pioneer-strategic-reserve","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=8165","title":{"rendered":"Bitcoin State Of Mind: Texas Aims To Pioneer Strategic Reserve"},"content":{"rendered":"
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With President Donald Trump\u2019s inauguration just a few days away, Bitcoin and blockchain supporters are bracing for crypto-friendly policies. Leading the charge is Texas, with Senator Charles Schwertner announcing a bill to launch its first state-level Bitcoin reserve.<\/a><\/p>\n

In a Twitter\/X post, Senator Schwertner announced the filing of SB 778, making Texas the first state to create a strategic Bitcoin reserve. According to the Texan legislator, creating a strategic Bitcoin reserve will position the state as a blockchain leader<\/a>, drive economic growth, and secure everyone\u2019s economic freedom.<\/p>\n

Texas Wants To Lead The Bitcoin Revolution<\/h2>\n

Texas is the 10th largest economy globally and has over $194 billion in general revenue that will fund the state\u2019s operations from 2026 to 2027. In addition to its huge budget, the state has a growing Bitcoin and blockchain economy. It\u2019s also home to several crypto mines, including the one in the city of Rockdale, which is acknowledged as the biggest Bitcoin mining operation in North America.<\/p>\n

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It\u2019s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That\u2019s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve. This would position our state at the\u2026 pic.twitter.com\/dRdCt86Otr<\/a><\/p>\n

\u2014 Charles Schwertner (@DrSchwertner) January 15, 2025<\/a><\/p>\n<\/blockquote>\n

According to Schwertner, it\u2019s about time that Texas led the way in approving and launching a crypto reserve. In addition to the proposal to start a reserve fund, SB 778 also outlines a recommendation to set up the Texas Strategic Bitcoin Reserve Advisory Committee. This committee shall include the House chairs for Appropriations and Finance, a comptroller, a member of the Senate and the House, among others.<\/p>\n

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Texas\u2019 Crypto Reserve And Its Primary Purpose<\/h2>\n

Although the general aim of establishing the state\u2019s crypto reserve is to leverage the blockchain and use it as a hedge against inflation, SB 778 also outlines its specific purposes. According to Section 403.703, the state aims to hold BTC as a financial asset. The document also specifies that persons, including Texans, can donate Bitcoin to advance shared ownership and a sense of community.<\/p>\n

The document also highlights specific transactions that will not be allowed. For example, Section 403.705 indicates that the comptroller cannot approve transactions to buy BTC to be held in other countries.<\/p>\n

Other US States Are Actively Pursuing Individual Reserves<\/p>\n

Although some questions and risks are associated with creating a reserve, many states are pushing forward. Aside from Texas, Oklahoma<\/a> has shared its plans to hold the premiere digital currency as part of its currency reserves. Representative Cody Maynard filed HB 1203, the Strategic Reserve Act, which aims to allocate a portion of the state\u2019s pension funds to buy these digital assets.<\/p>\n

Pennsylvania<\/a> lawmakers also submitted their plans to invest in Bitcoin. The state\u2019s policymakers suggest that the state\u2019s Treasury allocate up to 10% of the funds to buy crypto. Representative Mike Cabell says the state can follow the lead of private financial firms like Fidelity and BlackRock.<\/p>\n

Featured image from Kitco, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With President Donald Trump\u2019s inauguration just a few days away, Bitcoin and blockchain supporters are bracing for crypto-friendly policies. Leading the charge is Texas, with Senator Charles Schwertner announcing a bill to launch its first state-level Bitcoin reserve. In a Twitter\/X post, Senator Schwertner announced the filing of SB 778, making Texas the first state […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-8165","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8165"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8165\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}