Texas Governor Greg Abbott has signaled strong support for a bill (Senate Bill 21) that would create a strategic Bitcoin reserve for the state of Texas. He shared a news article about the bill on his official X account on May 22, shortly after the Texas House of Representatives passed the legislation, indicating his backing for the initiative.
The bill authorizes the Texas Comptroller of Public Accounts to purchase Bitcoin using surplus General Revenue funds, with the aim of diversifying the state's treasury assets and hedging against inflation.
The reserve would be managed with transparency similar to the state's gold holdings, but actual Bitcoin purchases would only begin after procurement rules and storage contracts are finalized. The bill also includes an amendment requiring that only cryptocurrencies with a market capitalization exceeding $500 billion for at least two consecutive years qualify for inclusion, effectively limiting the reserve to Bitcoin.
If signed into law by Governor Abbott, Texas would become the third U.S. state to establish an official Bitcoin reserve, following New Hampshire and Arizona. This move aligns with Texas's broader strategy to position itself as a national leader in digital assets and cryptocurrency innovation, complementing its existing role as a major Bitcoin mining hub.
Supporters argue that the reserve would provide fiscal resilience, attract blockchain investment, and send a signal encouraging crypto industry growth in the state.
Governor Abbott has a history of supporting crypto-friendly policies, including courting Bitcoin mining firms and signing related legislation, reinforcing expectations that he will approve the bill once it reaches his desk. The bill's passage is seen as a forward-thinking measure to strengthen Texas's economy and financial strategy amid concerns about federal spending and inflation.
Texas is ready to establish a state-managed Bitcoin reserve with Governor Abbott's endorsement, marking a significant development in state-level cryptocurrency adoption in the United States.
It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)