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Texas Lieutenant Governor Dan Patrick has listed the creation of a state-level Bitcoin reserve among the top legislative priorities for the current year.
Notably, the initiative has received a very symbolic bill number (Senate Bill 21). This is a reference to Bitcoin’s maximum supply cap.
Earlier today, Axios reported that the Lone Star State, which boasts a GDP of $2.4 trillion, could start owning the leading cryptocurrency as a financial asset. The bill would allow the state to collect coins through taxes and donations. However, its initial version did not include a Bitcoin buying strategy.
The Texas House of Representatives initially introduced a bill to create a strategic Bitcoin reserve in December. The legislative initiative is meant to bolster the fiscal stability of the second-biggest US state by GDP amid concerns about inflation.
Texas is, of course, known as a major Bitcoin mining hub with plenty of industrial-scale operations.
Other states are also mulling over establishing their own Bitcoin treasuries. They include Florida, Ohio, North Dakota, and Wyoming.
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Meanwhile, Senator Cynthia Lummis of Wyoming has announced that public hearings on the implementation of a federal Bitcoin reserve will be one of her first priorities.
Lummis was recently appointed as the chair of a newly established Senate subcommittee on digital assets.
Her bill, which was introduced last year, would require the U.S. Treasury to acquire a total of 1 million coins over a five-year period.
There is currently a 55% chance of a strategic Bitcoin reserve being established as soon as this year, according to cryptocurrency-powered betting market Polymarket.
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