{"id":28189,"date":"2024-12-13T09:59:35","date_gmt":"2024-12-13T09:59:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=28189"},"modified":"2024-12-13T09:59:35","modified_gmt":"2024-12-13T09:59:35","slug":"texas-proposes-creating-bitcoin-reserve-by-accepting-taxes-fees-and-donations-in-btc","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=28189","title":{"rendered":"Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC"},"content":{"rendered":"

Texas has introduced a new bill to establish a strategic Bitcoin reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin <\/span><\/p>\n

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held in reserve for at least\u00a0five years.<\/span><\/p>\n

According to a report from CNBC, the initiative, presented by Republican State Representative Giovanni Capriglione, seeks to bolster Texas\u2019 fiscal stability while positioning the state as a leader in Bitcoin innovation. <\/span><\/p>\n

Speaking on <\/span>X Spaces<\/span><\/a>, Capriglione explained the economic rationale behind the proposal, mentioning inflation as a major investment threat. <\/span><\/p>\n

\u201cA strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state,\u201d Capriglione stated.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best Decentralized Exchanges for September 2024\u00a0<\/span><\/a><\/strong><\/p>\n

Proposed Legislation to Introduce Greater Financial <\/span>Flexibility<\/span><\/h2>\n

The proposed legislation, formally titled \u201cAn Act Relating to the Establishment of a Bitcoin Reserve Within the State Treasury of Texas and the Management of Cryptocurrencies by Governmental Entities,\u201d aims to introduce greater financial flexibility. <\/span><\/p>\n

Although the initial proposal stops short of calling for direct Bitcoin purchases by the state, it leaves room for future amendments. <\/span><\/p>\n

\u201cMy goal is to make this bill as big and broad as possible,\u201d Capriglione noted, indicating potential support for future enhancements.<\/span><\/p>\n

The bill to establish a \u2018Strategic Bitcoin Reserve\u2019 in the state of Texas was filed live on X spaces. History has been made. pic.twitter.com\/8IZdoMmKYj<\/a><\/p>\n

\u2014 Dennis Porter (@Dennis_Porter_) December 12, 2024<\/a><\/p>\n\n

Texas\u2019 move is significant given its status as the second-largest economy in the U.S. and the eighth-largest worldwide. The state is also home to the country\u2019s highest concentration of Bitcoin miners, raising the possibility that some miners may opt to pay taxes in cryptocurrency.<\/span><\/p>\n

The effort aligns with a broader movement across the U.S. and beyond. <\/span><\/p>\n

Pennsylvania was the first state to introduce a strategic Bitcoin reserve bill in November, while other states, including Oklahoma, Louisiana, Montana, and Arkansas, have enacted laws protecting the rights to mine, self-custody, and conduct peer-to-peer Bitcoin transactions. <\/span><\/p>\n

Notably, the Satoshi Action Fund, a nonprofit Bitcoin advocacy organization, played a key role in creating the bill. <\/span><\/p>\n

According to Dennis Porter, CEO of Satoshi Action Fund, similar bills are being discussed in at least 10 states and four countries.<\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Interest in a U.S. National Bitcoin Reserve Increases<\/span><\/h2>\n

Capriglione\u2019s proposal comes at a time of renewed interest in a U.S. national Bitcoin reserve. <\/span><\/p>\n

During the Bitcoin 2024 conference in Nashville, former President Donald Trump pledged to preserve all Bitcoin held or acquired by the U.S. government as part of a \u201cstrategic national Bitcoin stockpile.\u201d <\/span><\/p>\n

Wyoming Senator Cynthia Lummis has also proposed legislation to create a federal Bitcoin reserve.<\/span><\/p>\n

Despite the growing momentum, skepticism remains about the feasibility of a U.S. Bitcoin reserve. Needham analyst John Todaro told CNBC that while the idea could fuel market enthusiasm, the U.S. will unlikely make significant Bitcoin purchases. <\/span><\/p>\n

\u201cIt\u2019s unlikely to drive material price gains, but it\u2019s an item that drives excitement and optimism,\u201d Todaro explained.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best Bitcoin Mining Pools in 2024<\/span><\/a><\/strong><\/p>\n

The post Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Texas has introduced a new bill to establish a strategic Bitcoin reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin Price Trading volume in 24h <!– ? –> Last 7d price movement held in reserve for at least\u00a0five years. According to a report from CNBC, […]<\/p>\n","protected":false},"author":0,"featured_media":28190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28189"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28189"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/28189\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/28190"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}