Republican State Representative Giovanni Capriglione shared this proposal at an X Spaces event, outlining how Texas would begin accepting Bitcoin as a form of payment for taxes, fees, and donations

The collected Bitcoin would then be held for a minimum of five years, marking a significant step towards establishing a formal reserve.

Advocates from the nonprofit organization Satoshi Action Fund, which is focused on promoting Bitcoin legislation, assert that the bill's objective is to bolster Texas's financial stability and position the state as a leader in Bitcoin innovation.

RepCapriglione remarked, "Perhaps the greatest enemy of our investments is inflationEstablishing a strategic Bitcoin reserve and investing in Bitcoin would be a win-win for the state." His passionate declaration underscores the potential benefits of such a reserve in combating economic instability.

Furthermore, Capriglione elaborated, "I just submitted this bill… titled 'An Act to Establish a Bitcoin Reserve in the Texas State Treasury and to Manage Cryptocurrency in Government Agencies.'

Texas, as the second-largest economy in the U.S., boasts the highest concentration of Bitcoin miners nationwide

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This proposal anticipates that some mining operations might begin paying taxes in cryptocurrency, although the initial bill does not include direct Bitcoin purchasing strategies.

Capriglione expressed his ambition for the law, stating, "My aim is to make this bill as broad and comprehensive as possibleThe first step is to allow some selectivity and flexibility, but if I can garner support from other legislators, we will strengthen it further."

This optimistic vision has already influenced the market; Bitcoin prices have surged by over 45%, largely fueled by hopeful investors betting on the establishment of a national strategic Bitcoin reserve.

Despite the enthusiasm, questions persist regarding whether the U.Swill truly implement a Bitcoin reserve or become the first nation globally to do soNonetheless, the idea is poised to serve as a positive market catalyst in the coming year, inspiring other countries to consider similar reserves, irrespective of American actions.

Porter, who helped draft the Texas legislation alongside Capriglione, has also assisted legislators in other states in formulating Bitcoin-related laws