Summary
- The state of Texas in the US announced plans to stockpile altcoins in addition to Bitcoin reserves.
- They revealed plans to establish an advisory committee to systematically manage the Bitcoin reserves, including fund strategies.
- Once the Bitcoin Strategic Reserve Bill receives state legislative approval, they will be able to legally focus more on investing in Bitcoin and major cryptocurrencies.
The state of Texas in the US is stockpiling altcoins using its 'Bitcoin (BTC) reserves'.
According to Woo Blockchain on the 9th, Texas has decided to purchase major cryptocurrencies with market capitalizations exceeding $500 billion using its Bitcoin reserves. Texas plans to establish an advisory committee dedicated to managing the Bitcoin reserves, which will oversee fund strategies and other management aspects.
Previously, the Texas Senate passed the Bitcoin Strategic Reserve Bill (SB21) on the 8th. This bill will become official law after passing through the Texas House of Representatives and receiving the governor's signature. Texas Lieutenant Governor Dan Patrick stated, "President Trump's pioneering leadership on Bitcoin has paved the way for American innovation," adding that "Texas is leading the way."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
