Texas Bitcoin Reserve Bill Advances With State Senate Approval

Texas took a step toward becoming one of the first states to create a cryptocurrency stockpile as the state Senate approved a proposal to create a “strategic Bitcoin reserve.”

The bill would enable Texas to invest state funds in cryptocurrencies with an average market value of at least $500 billion over the last 12 months. That definition would currently apply only to Bitcoin, the largest and oldest digital asset.

While the proposal doesn’t make any direct appropriations, it would position Texas to benefit in the long term from “a scarce, noninflationary asset with significant growth potential,” said state Senator Charles ...