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Texas has begun to take important steps towards creating a strategic Bitcoin reserve. Dennis Porter, CEO of the Satoshi Action Fund (SAF), announced that following discussions with a legislative official in Texas, talks have begun to introduce strategic Bitcoin reserve legislation in the near future.
Speaking on November 21 at the North American Blockchain Summit in Texas, Porter stated that this legislation would be an important step for Texas. “Texas moving forward with a strategic Bitcoin reserve law will have an impact that cannot be underestimated,” he said.
Texas has the eighth largest economy in the world with a GDP of $2.4 trillion by 2022. This suggests that a Bitcoin reserve could provide a huge strategic advantage for Texas. The idea comes as an extension of a bill to create a national Bitcoin strategic reserve, previously introduced by US Senator Cynthia Lummis in July. If passed, this bill aims to create a Bitcoin fund for the US and provide a hedge against the national debt.
Porter said that strategic Bitcoin reserves would not only be a hedge against inflation, but would also secure Bitcoin mining in the US. Since Bitcoin mining operates on tight margins, there is a risk that external factors could negatively impact the sector. “The strategic Bitcoin reserve is essential to prevent external actors, such as Russia or China, from suppressing Bitcoin prices and destroying American mining,” he said.
Porter compared the Bitcoin reserve to important strategic decisions in US history, such as the Louisiana Purchase and the acquisition of Florida and Alaska. He also recalled that during the US presidential elections, Donald Trump made cryptocurrency promises during his campaign, such as the “creation of a strategic stockpile of Bitcoin”.
This idea has gained momentum in recent years, with many state and national governments discussing the creation of strategic Bitcoin reserves. In Pennsylvania, the legislature has also introduced a bill giving the state the right to hold Bitcoin in its treasury funds.
Internationally, Polish presidential candidate Sławomir Mentzen also pledged on November 17 to create a Bitcoin reserve in his country if elected.
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