On January 30, 2025, Texas Lieutenant Governor Dan Patrick announced the state's legislative priorities, which include a proposal to establish a Texas Bitcoin Reserve. This initiative aligns Texas with at least five other states in the U.S. exploring similar cryptocurrency reserves.
The recent legislative push was led by Senator Charles Schwertner, who emphasized that a Bitcoin reserve would enhance Texas' role in the digital economy, promoting growth and economic freedom. Earlier, in December 2024, Representative Giovanni Capriglione introduced legislation allowing fees and taxes to be paid in Bitcoin, contributing to the reserve's creation.
Supporters argue that such reserves modernize financial systems and provide an inflation hedge. Texas, with its significant Bitcoin mining operations attracted by low energy costs and a favorable regulatory environment, could leverage its economic strength—over $250 billion in annual revenue—to lead in the cryptocurrency space.