Texas is not alone in this race. Over the past few months, several states, including Pennsylvania, Ohio, Florida, and Wyoming, have introduced or passed bills to establish their own Bitcoin reserves.
Texas is stepping into the future of finance with a bold initiative—creating a state-level Bitcoin reserve. Lieutenant Governor Dan Patrick announced the “Texas Bitcoin Reserve” among his top 40 legislative priorities for the 89th regular session in 2025. With Senate Bill 21 at the forefront, Texas is making a firm commitment to Bitcoin as part of its long-term financial strategy.
The proposed reserve would be separate from the state’s general revenue fund, allowing Texas to directly hold Bitcoin BTC $85 681 24h volatility: 1.5% Market cap: $1.70 T Vol. 24h: $27.76 B as an asset. Additionally, the bill outlines a plan for the state to allocate funds for further Bitcoin purchases while also enabling residents to donate Bitcoin to the reserve.
Texas is not alone in this race. Over the past few months, several states, including Pennsylvania, Ohio, Florida, and Wyoming, have introduced or passed bills to establish their own Bitcoin reserves. However, Texas’ initiative, backed by strong legislative support, sets the stage for what could be the most significant state-level Bitcoin fund in the country.
Why Bitcoin? Texas’ Strategic Play
Lt. Gov. Patrick’s push for a Bitcoin reserve aligns with a growing sentiment that states should have direct exposure to digital assets. Advocates argue that Bitcoin serves as a hedge against inflation and government overreach, making it an attractive asset for long-term state financial security.
Patrick, a strong conservative, has framed his legislative priorities around reinforcing Texas’ financial independence. In his announcement, he made it clear that these bills “represent the will of the conservative majority of Texans” and are expected to pass with bipartisan support.
Bitcoin’s potential to appreciate over time is a major factor behind this push. As the world’s largest cryptocurrency, it has outperformed traditional assets like gold and stocks over the past decade. Texas, known for its independent financial policies, sees an opportunity to solidify its position as a national leader in digital asset adoption.
The National Bitcoin Reserve Race Heats Up
Pennsylvania took the first leap in November 2024 when it proposed the Bitcoin Strategic Reserve Act, allowing up to 10% of the state’s $7 billion Rainy Day Fund and $9.7 billion General Fund to be invested in Bitcoin. If passed, this would mark one of the largest state-backed investments in digital assets.
Ohio followed closely, with State Representative Derek Merrin introducing the Ohio Bitcoin Reserve Act in December. This bill grants the State Treasurer the authority to purchase Bitcoin at any time, positioning Ohio as another major player in the Bitcoin reserve movement.
Florida, never one to shy away from economic innovation, could soon join the race. Samuel Armes, president of the Florida Blockchain Business Association (FBBA), revealed in December that both Speaker of the House Danny Perez and Senate President Ben Albritton support the initiative. With Governor Ron DeSantis known for his pro-crypto stance, Florida seems poised to make a move in early 2025.
Florida is going to launch a strategic Bitcoin reserve, and here’s how we’re going to do it 👇
— Samuel Armes (@samuelarmes) December 3, 2024
Florida has a very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.
Here’s what you need to know:
The Speaker of the Florida House, Danny… pic.twitter.com/JJRNU1V7ZI
While Texas moves full steam ahead, other states have adopted more cautious approaches. Wyoming, for instance, introduced a bill allowing only 3% of its public fund to be allocated to Bitcoin, in contrast to Pennsylvania and Utah, which have proposed 10% allocations.
next