Donald Trump, the 47th President of the United States, is at the center of the Bitcoin and cryptocurrency industry with his promises.
The most striking of these promises was undoubtedly that he would create a strategic Bitcoin reserve for the United States.
While there is great anticipation for Trump’s Bitcoin reserve, Dennis Porter, CEO of the US non-profit organization Satoshi Action Fund (SAF), said that a Texas lawmaker has begun talks to present strategic Bitcoin reserve legislation in the future.
Speaking at the North American Blockchain Summit in Texas, SAF CEO Dennis Porter said he met with a lawmaker in Texas who has begun discussions to introduce legislation to create a strategic Bitcoin reserve.
“The implications of the State of Texas moving forward with strategic Bitcoin reserve legislation cannot be underestimated.
The impact of Texas having a strategic Bitcoin reserve would be significant and large.
Because if Texas, with its $2.4 trillion GDP, were to adopt BTC as a reserve asset, it would have a significant impact on the cryptocurrency industry.”
Significant moves are coming to the US regarding Bitcoin reserves. Earlier this month, Pennsylvania officials introduced a bill to the state House of Representatives to allocate 10% of the Treasury’s balance sheet to BTC as a hedge against inflation.
Also in July, Senator Cynthia Lummis introduced a bill to establish the US Bitcoin Strategic Reserve, which, if approved, would create a Bitcoin fund intended to hedge against the national debt.
*This is not investment advice.