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The state of Texas is moving forward with plans to introduce a strategic reserve of bitcoin. State Rep. Giovanni Capriglione announced yesterday that he has introduced a bill that would enable the state to accept donations, fees and taxes in the form of Bitcoin, provided they are kept for at least five years.
“Perhaps the biggest enemy of our investments is inflation.Capriglione said.Bitcoin Strategic Reserve, investing in Bitcoin, will be profitable for the country.“
Texas is the second US state to consider incorporating Bitcoin into its financial strategy. In November of this year, legislation was passed to form Pennsylvania Bitcoin Strategic Reserve It was introduced, with plans to allocate up to 10% of its treasury reserves to Bitcoin.
This came after the Pennsylvania House of Representatives passed what was informally called a Bitcoin Bill of Rights in October, giving Pennsylvanians the option of Bitcoin as a potential payment method while protecting their rights to manage their own cryptocurrencies.
“By enacting this legislation, we can make the Commonwealth a friendly place for blockchain innovation and provide our citizens with the tools to engage in the digital economy safely,According to Rep. Mike Capel, who sponsored House Bill 2481 – or the Digital Asset Licensing Act – as it is officially known.
What does this mean for the cryptocurrency economy?
Moves to create strategic bitcoin reserves by both Texas and Pennsylvania are positive news for the cryptocurrency economy, albeit at the state level, not yet at the federal level. However, Dennis Porter – CEO of NPO Satoshi Action FundWho worked with Capriglione on the bill — is optimistic.
“The state level, in our opinion, is the best place to create political momentum for Bitcoin,“Ve said Interview on CNBC New York. “The best thing we can do is pass this legislation at the state level, providing political momentum for federal legislation.“
Bitcoin, which has seen a post-US election boom – reaching $100,000 – has continued to rise following yesterday’s announcement of the Texas Strategic Bitcoin Reserve, although it has fallen slightly at the time of writing.
“Over its short history, Bitcoin has seen significant rises and sell-offs,“BlackRock’s iShares Bitcoin Trust ETF currently manages about $53.8 billion in assets,” asset manager BlackRock noted in a report released earlier this week.
The BlackRock report adds that this volatility “In addition to Bitcoin’s unique properties, it raises the question of what role it should play in investment portfolios.The financial giant advises investors to place a maximum of 2% of Bitcoin in their investment portfolio.
It’s not just Bitcoin, it’s in the position of the pound
Bitcoin’s rise is great news for other coins – because when Bitcoin goes up, it tends to go up too. This includes the best coins.
takes Cryptostars ($STARS)For example. The meme coin/DeFi token is currently on pre-sale, and with an APY of 200% and excitement surrounding the upcoming MemeVault, Crypto All-Stars has proven to be a massive success so far.
$STARS has already raised over $15.3 million, but with only seven days left until its official launch, time is running out if you want to purchase $STARS in a presale. Don’t forget DYOR, though. Take a look at All-star encryption on X To start your homework.