The Texas State Government is allocating $10 million to purchase Bitcoin

BlockBeats News, June 24th, according to CoinDesk, Texas Governor Greg Abbott signed the Senate Bill 21 over the weekend, making Texas the first state in the United States to establish an independent Bitcoin reserve supported by public funds. The bill requires the state government to establish a Bitcoin reserve managed separately from the main financial system, and Texas has thus joined the ranks of a few but increasingly growing number of states exploring digital asset reserves.

Unlike Arizona and New Hampshire, which only passed similar legislation, Texas not only authorizes the establishment of this reserve but also provides actual funding support. The state government will allocate $10 million to purchase Bitcoin to bolster this reserve.