The Texas Senate passed a bill on March 6 to create a Bitcoin and cryptocurrency strategic reserve.
The Texas Senate passed the Bitcoin (BTC) strategic reserve bill SB-21 in a 25-5 vote on March 6, after deliberating the merits of the legislation on the Senate floor.
Texas State Senator Charles Schwertner argued for the bill, saying that it would help the US state shore up its balance sheet with a valuable, scarce asset.
Lawmakers also assuaged fears that Bitcoin was a direct competitor to the US dollar as a global reserve currency, adding that it was much more similar to gold.
