Texas has become the first U.S. state to utilize public funds for holding Bitcoin, following the signing of Senate Bill 21 by Governor Greg Abbott.
Signing of Bill SB21
Governor Greg Abbott has officially signed Senate Bill 21 (SB21), making Texas the first state to use public funds to hold Bitcoin.
Structure and Management of the Reserve
According to the bill, the fund operates separately from the state’s general treasury and aims to enhance financial resilience while offering a potential hedge against inflation. The Texas Comptroller of Public Accounts will oversee the reserve, assisted by a three-member crypto advisory board.
Growing Interest in Bitcoin Among Businesses
As institutional interest in Bitcoin grows, Texas’ initiative may encourage other states to follow suit. For instance, Nakamoto Holdings, led by Trump's crypto adviser David Bailey, has recently raised $51.5 million to acquire more Bitcoin.
Texas's move is capturing the attention of other states, and observers are keenly watching the possible effects on the cryptocurrency market as a whole.
