Key Takeaways
- Texas Lt. Governor Dan Patrick prioritizes a state Bitcoin reserve.
- Legislation could allow Bitcoin tax payments to fund the reserve.
- Texas joins other states like Arizona and Utah in exploring Bitcoin reserves.
Texas Lieutenant Governor Dan Patrick announced on January 29 that the establishment of a Texas Bitcoin Reserve will be a key legislative priority for the 89th regular session in 2025.
Texas now joins Arizona, Utah, and other states exploring Bitcoin reserves as part of their financial strategies.
Key proposals
State Senator Charles Schwertner introduced the latest Bitcoin reserve proposal on January 16, arguing that it would…
…position the state at the forefront of the digital economy, driving growth and securing economic freedom.
Earlier, in December 2024, Representative Giovanni Capriglione proposed legislation to allow taxes, fees, and contributions to be paid in Bitcoin, which could then be used to fund the reserve.
Texas Bitcoin leadership
With its large concentration of Bitcoin miners, Texas has become a major hub for Bitcoin activity, thanks to low energy costs, renewable power sources, and favorable regulations.
The state’s $250 billion annual revenue from taxes and fees could help finance its Bitcoin reserve initiative.
National context
The push for state-level Bitcoin reserves aligns with former President Donald Trump’s campaign promise to create a national strategic Bitcoin reserve.
Additionally, Senator Cynthia Lummis has introduced the BITCOIN Act, which aims to formalize such a reserve at the federal level.
If Texas successfully establishes a Bitcoin reserve, it would be the largest U.S. state to adopt Bitcoin as part of its financial strategy.
