Texas will become the first state of the United States to buy Bitcoin to have it in reservations. It reserves millions of dollars of taxpayers’ money to invest in the orange cryptocurrency.
The ninth economy of the world chooses the BTC
Last Saturday, Texas has officially created His own BTC strategic reserve. Governor Gregg Abbott stamped his signature in the SB SB 21 law.
Texas is not the first state that is starting to store long -term bitcoins. The New Hampshire appeared in May. Arizona is also very close, although its governor was initially obstructionist.
While the New Hampshire He is legally authorized To invest a small part of state money (up to 5%) in Bitcoin, Texas creates an independent Bitcoin fund funded by public funds. Texas therefore uses real money of taxpayers for this and has its own management team.
Texas immediately takes out its portfolio and will store Bitcoins worth $ 10 million. At Current Bitcoin Prize$ 106,000, the state could be made with more than 94 BTC.
In fact, the amount is only a misery, 0.0004% of the state budget, but seems to count above all as a political declaration. Texas now takes the front inside the borders of the United States, which, under the direction of Donald Trump, wants to become the “cryptocital of the world”.
A curious fact about Texas: if it was an independent country, it would be the ninth economy of the world in terms of gross domestic product (GDP). It is therefore not the least that now embraces Bitcoin with both arms.
With a second law, HB 4488, Texas guarantees that the reserve of the BTC does not disappear without more in a political well. Normally, governments can divert the money not used to the general budget, but this is not possible here. What is intended for Bitcoin remains for Bitcoin.
Trump Crypto’s biggest promise
Bitcoingrs’ largest campaign promise was to convert Bitcoin into a part of the country’s reserves. After Trump welcomed the White House for about a month and a half, the presidential decree was signed on March 7. All Bitcoins seized, nearly 200,000 BTC, cannot be sold from now on.
The Ministers of Economy and Commerce have also been authorized to develop budgetary strategies to increase digital reserves. Provided that it does not cost more additional money to the taxpayer. But so far, we have heard nothing about it.
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