Which states are buying Bitcoin

Today, Texas State Senator Charles Schwertner introduced a bill in the new legislative session that would create a strategic Bitcoin reserve. We’re talking about a document called SB 778, which the Republican politician tweeted about announcing. Here’s a rejoinder on the matter, as quoted by Cointelegraph.

It’s time for Texas to be a leader on the issue of creating a strategic bitcoin reserve.

If the bill passes and is signed into law, Texas will become the first state in the nation to create a strategic BTC reserve. This will put our state at the forefront of the digital economy, thus driving growth and economic freedom.

Buying Bitcoin

The bill seeks to develop a special fund outside of the general revenue fund that would allow Texas to own and hold the first cryptocurrency as a financial asset. In addition, the document will allow for the acceptance of BTC donations from state residents.

The bill describes Bitcoin as “a valuable digital asset with strategic potential that is able to enhance the state’s financial sustainability.” In addition, it recognises BTC’s decentralised basis and limits the maximum supply of the digital asset at 21 million coins. As noted in the document, such qualities are able to “serve as a hedge against the inflation of economic instability in the world.”

If the bill is passed, then representatives of the authorities will create a special system for storing and managing digital assets, while prioritising cold storage with constant checks on transparency and security. According to it, the relevant authority will be allowed to buy bitcoins equivalent to 1 per cent of the total revenue in the said fund.

As we have already noted, SB 778 was not the first bill that proposes the creation of a Bitcoin Reserve in Texas. In December, state representative Giovanni Capriglione introduced his version of a document called HB 1598, which would allow residents and government organisations to donate BTC for the created reserve. Well coins must be held as a reserve asset for at least five years.

Buying cryptocurrency by investors

Similar initiatives are being voiced in Oklahoma. According to The Block, state representative Cody Maynard has also introduced a bill to create a Bitcoin reserve at the local level, which would allow local governments to allocate funds to buy coins. The document would also give state savings accounts and pension funds the ability to link to BTC.

The possible approval of the project will allow the Oklahoma Treasurer to purchase bitcoins, cryptocurrencies with a market capitalisation above $500 billion (so far, this only applies to BTC) and stablecoins. The limit for such transactions will be a level of 10 percent of total state funds.

Here is Maynard’s comment on the document.

Bitcoin symbolises freedom from bureaucrats who devalue our purchasing power by printing money. BTC as a decentralised form of value cannot be manipulated or created by government agencies. It is the perfect store of value for those who believe in financial freedom and the principles of a sustainable economy.

Who has bought the most bitcoins

As of today, the largest stockpile of bitcoins belongs to MicroStrategy, which has accumulated 450,000 coins. 28.2 billion dollars were invested in them, well, and now the position is valued at 44.8 billion.

Rating of public companies by the number of accumulated bitcoins

Publicly traded Bitcoin mining companies were also in the top three. Marathon Digital has 44,893 BTC, while Riot Platforms has amassed 17,722 coins.

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Among private companies, the leader is Block-one with a result of 164 thousand bitcoins. The issuer of the largest USDT stablecoin called Tether has accumulated 83,759 BTC.

Ranking of private companies by the number of accumulated bitcoins


It is now becoming evident that the interest of governments and local government officials in Bitcoin is growing at an incredible rate. And although the approval of the document and allocation of funds for the purchase of BTC is out of the question, it is now clearly a matter of time. Still, the number of such initiatives is already quite serious.

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