According to CNBC, today, Texas Republican Representative Giovanni Capriglione announced a proposal for legislation to establish a strategic Bitcoin reserve that will serve as a testing ground for the U.S. Treasury Department. The proposed bill would enable the state to start building a strategic Bitcoin reserve by receiving taxes, fees and donations in Bitcoin, which will be retained for at least five years. The bill aims to provide a way to strengthen national financial stability and make it a leader in Bitcoin innovation.
Capriglione said, "Our biggest enemy in investing may be inflation; creating a strategic bitcoin reserve and investing in bitcoin could be win-win for the nation. I just submitted this bill titled 'Establishing A Bitcoin Reserve Within The Texas Treasury And Government Entity Management Of Cryptocurrency'". Not only is Texas the second largest economy in America but also home to most of America's bitcoin miners.