Texas is moving forward with plans to introduce a strategic Bitcoin reserve. State Representative Giovanni Capriglione announced yesterday that he has filed a bill that would allow the state to accept donations, fees and taxes in the form of bitcoin, provided it is held for at least five years.
“Probably the biggest enemy of our investments is inflation,– said Capriglione. “A strategic bitcoin reserve, investing in bitcoin, would benefit the state.“
Texas is the second US state to consider including Bitcoin in its financial strategy. In November this year, regulations were passed creating the so-called Pennsylvania Bitcoin Strategic Reserve with plans to allocate up to 10% of its treasury reserves to Bitcoin.
This comes after the Pennsylvania House of Representatives passed what is informally known as the Bitcoin Rights Act in October, giving Pennsylvanians the option of Bitcoin as a potential payment method while securing their rights to manage their own cryptocurrency.
“By introducing these rules, we can make the Community a welcoming place for blockchain innovation and provide our citizens with the tools to safely engage in the digital economy,” according to Rep. Mike Cabell, who sponsored House Bill 2481 – or the Digital Assets Authorization Act – as it is formally called.
Moves to create strategic Bitcoin reserves in both Texas and Pennsylvania are positive news for the cryptocurrency economy, albeit at the state rather than federal level. Dennis Porter – general director of NPO Satoshi Share Fundwho worked with Capriglione on the draft regulations – is confident.
“In our opinion, the state level is the best place to create political momentum for bitcoin,– said v interview with CNBC in Fresh York. “The best thing we can do is to pass this legislation at the state level, giving political momentum to federal legislation.“
Bitcoin, which boomed after the US elections – reaching the 100,000 milestone. dollars – continued to rise following yesterday’s announcement of Texas’ strategic bitcoin reserve, although its value has declined slightly at the time of writing.
“In its brief history, Bitcoin has experienced both massive rallies and sell-offs,” asset manager BlackRock noted in a report released earlier this week. BlackRock’s iShares Bitcoin Trust ETF currently manages approximately $53.8 billion in assets.
The Black Rock report adds that this variability “plus Bitcoin’s unique features raise the question of what role it should play in wallets.“The financial giant advises investors to place a maximum of 2% Bitcoin in their portfolio.
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