The state of Texas is officially getting in on Bitcoin.
What’s happening:
- Texas Governor Greg Abbott has officially signed Senate Bill 21 into law and established a Strategic Bitcoin Reserve for the state of Texas
Why it matters:
- This is the first time ever that Texas will use public funds to purchase Bitcoin to hold directly as an asset
Going deeper:
- The Texas Strategic Bitcoin Reserve will be led and managed by the Texas Comptroller of Public Accounts and will provide the public with fully transparent overviews of their total Bitcoin holdings every two years
- Texas is not the only state to recently embrace Bitcoin, with both Arizona and New Hampshire previously passing new legislation to establish Strategic Bitcoin Reserves that use state funds
The intrigue:
- Texas Governor Greg Abbott has been making waves recently with a flurry of new bills, including the first ever bill in the history of Texas to fund psychedelic drug development research for the purpose of treating veterans with post traumatic stress disorder
