Texas is positioned to be the next state to establish a Bitcoin reserve, with the state’s Bitcoin bill having passed the legislature and anticipated to be signed by Governor Greg Abbott, as per the founder and President of Texas Blockchain Council, Lee Bratcher.
During an interview with The Block on Tuesday, Bratcher expressed confidence that Governor Abbott would sanction the bill, following its approval by the state legislature. By Wednesday, Texas legislators had voted overwhelmingly in favor of Senate Bill 21, proposing the formation of a Bitcoin reserve.
Although cautious about his certainty over Governor Abbott’s final decision, Bratcher and his team expect the governor’s approval. “I’ve had personal discussions with the governor about this matter, and I believe he envisions Texas being at the forefront in this area,” Bratcher shared with The Block. He however refrained from making further presumptions about the governor’s stance, adding, “He will make the final decision when the time is right.”
Should Governor Abbott sign the Bitcoin bill, which Bratcher believes will reach his desk within the next “week or two,” Texas would likely become the third state to take such a step, following New Hampshire and Arizona. Earlier in March, an executive order was signed by U.S President Donald Trump to set up a “Strategic Bitcoin Reserve.”
When asked about the potential investment Texas might make in Bitcoin, Bratcher estimated a cautious initial approach. “I foresee an investment in the tens of millions of dollars. It might sound substantial but is quite modest for a state the size of Texas,” he commented. He also mentioned that the state’s comptroller, who oversees public funds’ investment and expenditure, will apply tested investment norms to decide on the buying quantity and timing.
Bratcher’s Texas Blockchain Council has been advocating for a Bitcoin reserve in the state for a while. He also revealed that the “idea” of a Texas Bitcoin reserve has been around since 2022, and he has been working with other legislators who are also enthusiastic about the state accumulating the world’s largest cryptocurrency by market cap.
With its crypto-friendly environment and numerous Bitcoin miners, Texas has always been a popular destination in the crypto world. On Wednesday morning, Bitcoin reached a new all-time high of approximately $109,400.
