US EditionTexas launches cryptocurrency reserve with $5 million investment
Texas created the first state-managed Strategic Bitcoin Reserve with $10 million funding; $5 million was invested to diversify assets and hedge against inflation, officials said.
- Texas launched a cryptocurrency reserve with a $5 million investment in Bitcoin last month.
- Critics point to the crypto mining industry's significant energy usage in Texas, consuming enough electricity to power roughly 680,000 homes in 2023.
16 Articles
16 Articles
Texas first state to fund bitcoin reserve with $5 million purchase
Texas recently made a multimillion-dollar bitcoin purchase, leading all states in establishing cryptocurrency as a growing component of economic policy. The $5 million investment into the Texas Strategic Bitcoin Reserve was confirmed last week by the Comptroller’s Office, which is responsible for managing the fund. The development comes after Gov. Greg Abbott (R-TX) signed legislation creating the reserve in June, making Texas one of the first s…
Associated Press News
Texas launches cryptocurrency reserve with $5 million investment
Texas has launched its new cryptocurrency reserve with a $5 million purchase of Bitcoin as the state continues to embrace the volatile and controversial digital currency.
Texas Buys $5M in BTC ETF as States Edge Toward First Government Crypto Reserves
The effort is starting small, but Texas made an opening foray into a state-based crypto reserve — getting closer to the first government stockpile in the U.S. What to know: It’s not technically the start of a direct state-based bitcoin reserve, but Texas has picked up $5 million in a bitcoin ETF, which a spokesman said is a placeholder for the first direct state-funds investment. The state is working on its reserve, having put out an informatio…
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