Texas Takes a Big Step Towards Bitcoin Reserve
A New Way to Save Money
The Texas Senate has passed a special bill called Senate Bill 21. This bill wants to create a special fund to buy, keep, and manage something called Bitcoin. This is a big deal because it’s like Texas is saying it’s okay to use this new kind of money, called cryptocurrency, to save for the future.
How Did This Happen?
Lieutenant Governor Dan Patrick thought this bill was very important. He said it should be a top priority in January 2025. Senator Charles Schwertner helped make this bill happen. The bill says the person in charge of Texas’s money, called the comptroller, should set up this special fund for Bitcoin.
Some people in the Senate were worried about this idea. They thought Bitcoin’s value goes up and down too much. But other people said Bitcoin is a good way to save money because it’s not controlled by any one person or country. It uses something called blockchain technology to keep it safe.
What’s Next?
The Texas Senate voted 25-5 to say yes to this bill. This means it’s one step closer to becoming a law. If it does, Texas will be the first state in the U.S. to officially use Bitcoin as a way to save money.
Other people in the country are also interested in using cryptocurrency to save money. The President of the United States, Donald Trump, even said he wants to create a special Bitcoin reserve for the whole country. This could mean more states might want to do the same thing as Texas.
Why Is This Important?
If Texas can make this happen, it will be like they’re showing other states and countries that using cryptocurrency to save money is a good idea. It’s like they’re saying they’re ready for the future and want to be more prepared for any changes in the economy.
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