The proposed bill would enable the state to start building a strategic bitcoin reserve by accepting taxes, fees and donations in bitcoin that would be held for a minimum of five years, Republican state Rep. Giovanni Capriglione announced on an X Spaces event Thursday.
Texas is not only the second-largest economy in the U.S. and the eighth-largest in the world, it also has the highest concentration of bitcoin miners in the country. The hope is that some of them will begin paying their taxes in cryptocurrency. The initial proposal does not include a direct bitcoin purchasing strategy.
Why stop there, why doesn't Austin issue a state coin called Alamo or Lonestar? The state could use it as a financial device to fund capping all the abandoned wells across the state or building the concentration camps to house all the queers and brown people. So what if state governments aren't allowed to mint their own currency, the constitution is just some piece of paper liberal Washington used to illegally deprive governors of being little monarchs.
Back in reality. That's an insanely bad idea. Bitcoin is extremely volatile and Texas is going to get screwed.