• Texas and Oklahoma introduced bills to create Bitcoin reserves as strategic assets.
• Global interest grows in Bitcoin reserves, with countries like Switzerland and Russia exploring adoption.

As Donald Trump’s victory as the 47th U.S. president stirs up anticipation, discussions are intensifying about his pledge to establish a Bitcoin [BTC] Strategic Reserve.

Texas and Oklahoma introduce Bitcoin Reserve Bill

Recent efforts to position Bitcoin as a strategic reserve asset in the U.S. have gained momentum, especially with new bills being introduced in Texas and Oklahoma.

Texas Senator Charles Schwertner took to X (formerly Twitter) to comment on the matter, and stated,

For perspective, Texas offers a favorable environment for cryptocurrency activities, including mining operations. It provides tax exemptions for data centers and mining companies.

While cryptocurrency transactions are not taxed at the state level, they are subject to federal tax. Senator Schwertner stated that the proposal “would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state.”

How it would work?

The bill proposes creating a fund outside Texas’ general revenue to hold BTC as an asset. It also aims to allocate funds to purchase more BTC for the reserve.

Additionally, the legislation allows residents to donate Bitcoin, promoting “shared ownership of and community investment in this state’s future.”

The bill proposes BTC be stored in cold storage with strict security measures and regular audits for transparency.

Interestingly, this is the second proposal for a Bitcoin Strategic Re

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Author: Ishika Kumari