On March 6, the Texas Senate passed the Bitcoin strategic reserve bill SB-21. Introduced by Senator Charles Schwertner, the bill aims to include Bitcoin in the state's balance sheet.
Details of the Bitcoin Reserve Bill
The SB-21 bill, passed by the Texas Senate, proposes the creation of the first U.S. digital asset reserve, incorporating Bitcoin into the state's balance sheet. The next step is the Governor's signature for the bill to become law.
Arguments Supporting Bitcoin as a Reserve
Proponents of the bill compared Bitcoin to gold and highlighted its role as a hedge against inflation. These arguments were made in the context of potential competition between Bitcoin and the US dollar as global reserve currencies.
Implications of SB-21 for Texas
If signed into law, Texas will become the first U.S. state with a digital asset reserve, potentially strengthening its economic position and influencing international markets.
Passing the Bitcoin strategic reserve bill could significantly impact Texas's status and economic future. However, the Governor's signature is required for the law to be enacted.
