The Texas Senate has passed a bill creating a strategic reserve of Bitcoin, making it the first state in the US to do so. The bill, known as SB-21, was introduced by Senator Charles Schwertner and received 25 votes in favor and five against. Schwertner argued that the digital currency would help Texas shore up its balance sheet with a valuable asset.
The pro-Bitcoin lawmakers dispelled fears that Bitcoin is a direct competitor to the US dollar, saying it’s more similar to gold and a hedge against inflation. They also noted that central intervention has caused the value of the US dollar to decline due to excessive printing of money.
The bill still needs to be signed by the governor to become law. If enacted, Texas will join a growing list of states taking steps towards adopting Bitcoin reserves. Wyoming Senator Cynthia Lummis predicts that states will adopt Bitcoin reserves before the federal government does.
Source: https://cointelegraph.com/news/texas-senate-passes-bitcoin-strategic-reserve-bill