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Texas state legislator files bill to create strategic Bitcoin reserve

Kitco Media
By Ernest Hoffman
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(Kitco News) – Bitcoin is extending its Wednesday rally on Thursday afternoon following the announcement that Texas State Representative Giovanni Capriglione has officially filed a bill to create a strategic Bitcoin reserve for the Lone Star state.

A partial text of the new bill was also shared on social media. “An act relating to the establishment of a Bitcoin reserve within the State Treasury and the management of cryptocurrencies by governmental entities,” it read. “This act may be cited as the Texas Strategic Bitcoin Reserve Act.”

According to the opening sections of the bill, the Texas Strategic Bitcoin Reserve Act will involve the use of cold storage wallets to keep the state’s Bitcoin reserve safe from online threats.

Since hitting a weekly low of $94,498 just before 1 pm EST on Tuesday, King Crypto’s price has seen a resurgence, rising as high as $102,540 shortly after 11 am EST. 

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Bitcoin has since pulled back somewhat, last trading at $101,615.12 for a gain of 0.41% on the daily chart.

Kitco Media

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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