The Texas Senate is set to hold a public hearing on Tuesday to discuss a proposal that would introduce Bitcoin (BTC) into the state’s financial reserves. The initiative, led by Republican Senator Charles Schwertner, seeks to diversify Texas’ cash holdings by incorporating crypto investments.
A Look At Texas’ Bitcoin Initiative
Under the proposed bill, the state comptroller would be authorized to allocate funds into digital assets, provided they meet specific criteria. Based on market data from the past year, Bitcoin is the only cryptocurrency surpassing a $500 billion market capitalization, making it eligible for consideration.
Meanwhile, Georgia lawmakers are exploring a similar approach. Reports indicate that Senate Bill 178 has been introduced, which, if passed, would permit the state treasurer to invest up to 5% of state funds in Bitcoin. Other states have already taken steps in this direction—Wisconsin, for instance, has been holding Bitcoin-related financial products for some time.
Crypto Czar on Bitcoin Reserve Creation
At the federal level, discussions on Bitcoin’s role in government reserves have also surfaced. David Sacks, recently appointed as the Trump administration’s “Crypto Czar,” revealed that the administration is examining the potential for a Bitcoin reserve.
“One of the things that the President instructed us to do was to evaluate the idea for a Bitcoin reserve,” Sacks said. “So that is one of the first things we’re going to look at as part of the internal working group of the administration.”
Sacks emphasized that the working group is still in its early stages, as some cabinet secretaries involved are awaiting confirmation. However, he confirmed that assessing the feasibility of a Bitcoin reserve is among the initial priorities.
INTEL: Texas Senate to hold public hearing tomorrow on $BTC Strategic Reserve
— Solid Intel 📡 (@solidintel_x) February 17, 2025
“So as soon as we get all that set up – we’re still waiting for some cabinet secretaries who are on the working group to get confirmed,” Sacks noted. He added, “But that’s one of the first things we’re going to look at, is the feasibility of a Bitcoin reserve. I think the concept of the sovereign wealth fund is a little separate.”
With Texas, Georgia, and the federal government all exploring Bitcoin adoption, the discussion around crypto as a strategic asset continues to gain traction.
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