Mentioned:
RIOT -10.23% MARA -11.24% CIFR -12.15%
The desire to own Bitcoin is spreading throughout the American government. And Texas wants in on the opportunity, too.
What’s happening:
- A new bill has officially been submitted into the Texas House of Representatives to propose beginning to purchase Bitcoin with state funds for the first time ever
Why it matters:
- This is now the second official bill to officially propose buying Bitcoin to hold directly as an asset, following Pennsylvania previously proposing to pour hundreds of millions of dollars into accumulating Bitcoin
- There is growing speculation that a strategic Bitcoin reserve may be implemented on a federal level in the near future, largely fuelled by the positive regulatory stance of president elect Donald Trump on crypto and digital assets as a whole
Going deeper:
- The new bill being proposed also would also the Texas government to collect taxes and other fees through Bitcoin
The intrigue:
- Texas has deep ties with Bitcoin already as more publicly traded Bitcoin mining companies operate in Texas than any other state in America, including Riot Platforms (NASDAQ: RIOT), MARA Holdings (NASDAQ: MARA), Cipher Mining (NASDAQ: CIFR) and others
