Texas is racing ahead with its plan to create a strategic Bitcoin reserve. The state’s lawmakers just passed the bill’s second reading with overwhelming bipartisan support, clearing the path for the third and final vote.
According to crypto influencer Scott Melker on X, the bill received massive backing in the Texas House. The reserve, if signed into law, will be managed by the Texas Comptroller of Public Accounts. The CEO of SatoshiActFund, Dennis Porter, has confirmed that they expect the third reading within a day.
If successful, Texas will be the third U.S. state, after Arizona and New Hampshire, to hold Bitcoin reserves. Many states took interest after Trump signed an order in March to establish a national Bitcoin Reserve.
At this point, Utah, Oklahoma, and Kentucky are also working on similar bills. Interest in the U.S. presidential election is growing outside the country. A Ukrainian politician has proposed creating the EU’s first Bitcoin Reserve, and Binance is supporting the plan.
At the same time, UFC star Conor McGregor is said to be developing an Irish Bitcoin Reserve and aiming to meet with El Salvador’s President Nayib Bukele.
The price of Bitcoin is now $107,000, thanks in part to more demand from governments. Texas appears ready to take a leading role as more places adopt Bitcoin reserves. As the final vote is about to happen, Texas may become the first state to use Bitcoin for its finances.
Also Read: Conor McGregor to Meet Bukele Over Ireland’s Bitcoin Reserve
