Texas Senate Passes Strategic Bitcoin Reserve Bill

Senators in Texas have passed the strategic Bitcoin reserve Bill, which is considered a historic move in the country. The speed with which the Bill scaled through the different readings showcases the forward-thinking nature of the lawmakers at a time when American states are jostling for dominance. According to an update from Bitcoin Laws, the SB 21 Bill passed the third reading by a vote of 101-42. 

The Texas Bitcoin Reserve Bill, What Now?

According to the X post, the Bill is likely to become law as it has now been passed to Governor Greg Abbott for assent. In a Republican-controlled Senate, the SB 21 Bill passed the third reading with a majority vote of 101–42.

Notably, the bill seeks to allow for the creation of the Texas Strategic Bitcoin Reserve. This will serve as a dedicated fund managed by the state comptroller to invest in cryptocurrencies with a market capitalization of at least $500 billion. 

Although only Bitcoin meets this condition, other digital currencies that hit the market capitalization may also be added shortly. The Bill advanced to third reading earlier this week, setting it up for history in the State.

Governor Greg Abbott is a known Bitcoin proponent, and the current consensus supports his signing the Bill into law. However, BTC bull Dennis Porter has made new claims that might twist the Bill.

According to him, “the bill has to go back to the Senate to confirm the amendment passed in the House. The House amendment changed the market cap average of $500 billion from 12 months to 24 months.”

US States Joins The BTC Reserve Push

Texas was the third US State to pass the official BTC reserve bill. As reported earlier by CoinGape, New Hampshire passed the Bill earlier this month, becoming the first state to do so. 

Afterward, the Arizona Senate passed its Bill. However, Governor Katie Hobbs vetoed it, a move that was controversial at the time. Although some states are pushing for the asset, others, like New Mexico and Florida, have dumped the idea, proof that the asset is not uniformly accepted as a reserve asset yet.

At the Federal level, President Donald Trump has signed an Executive Order to establish a strategic crypto reserve with BTC as the dominant coin. While there are no plans to buy the top coin actively, the move is inspiring other nations like Ukraine and Switzerland to follow the trend.

Bitcoin Price Reclaims ATH

The Texas Bitcoin update comes as the price of Bitcoin breaks an all-time high. After days of trading around the $106,000 resistance level, BTC staged a breakout hours ago and is currently undergoing price discovery.

Amid the growing talks of BTC adoption, more scarcity will be introduced into the asset, ultimately fueling its price action. With Bitcoin price now effectively in price discovery, there are speculations more heights are ahead. Experts are convinced it can hit a cycle peak of $150,000.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.