Texas House of Representatives introduced a Bitcoin reserve bill amid a torrent of crypto adoption chants emboldened by Donald Trump’s Nov. 6 political success.
Republican State Representative Giovanni Capriglione submitted legislation for Texas to open a strategic Bitcoin (BTC) reserve that would hold the asset for at least five years. Capriglione’s proposal, filed live during an X Spaces on Dec. 12, argued for collecting donations, taxes, and fees in Bitcoin as a bulwark against U.S. and global inflation.
The Texas Rep intends to win favor from fellow policymakers, finetuning the bill to remain flexible and “as broad as possible.”
Bitcoin’s 50% jump since Donald Trump accomplished “the greatest political comeback in U.S. history,” per Anthony Scaramucci, has amplified calls for a national strategic Bitcoin reserve.
President-elect Trump promised to retain 100% of America’s 207,000 BTC stockpile at a Bitcoin conference in Nashville. Senator Cynthia Lummis unveiled her bill to accumulate 4% of BTC’s 21 million supply at the same event.
Following the election, States vied to get ahead of federal policies. Arkansas, Louisana, Montana, Oklahoma, and Pennsylvania have passed rules to protect self-custody, mining, and peer-to-peer transaction rights.
Alabama’s State Auditor General, Andrew Sorrell, proposed the state establish its own BTC reserve. Satoshi Fund Act founder Dennis Porter said as many as 12 states explored the concept.
Meanwhile, skeptics like investment veteran Charles K. Bobrinskoy maintained an anti-BTC stance, calling the asset a bubble and advising against U.S. government adoption.
Wealth managers such as BlackRock shared recommendations to Bobrinskoy’s view as billions followed into BTC-backed products, like spot exchange-traded funds. BlackRock said investors could allocate up to 2% to BTC, a move endorsed by Kraken vice president of Institutional Tim Ogilvie per a note shared with crypto.news via email.
Cryptocurrencies – starting with Bitcoin, and now moving into Ethereum – have become cornerstones of a well-balanced portfolio. While we are still very early in the institutional adoption of digital assets, this trend toward having at least some allocation in crypto is likely to accelerate as institutions try to capture the performance.
Tim Ogilvie, Kraken vice president of Institutional
Read the full article here
