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Texas lawmakers on Thursday introduced legislation to establish a strategic Bitcoin reserve that would allow the state to collect taxes, fees and donations in Bitcoin and hold them for at least five years, according to a report. CNBC Report.

Republican state Rep. Giovanni Capriglione announced the proposal at an X Spaces event, billing it as a hedge against inflation.

“Probably the biggest enemy of our investments is inflation,” Capriglione said. “A strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state.”

The bill, titled “An Act Relating to the Establishment of a Bitcoin Reserve in the Texas Treasury and the Management of Cryptocurrencies by Government Entities,” does not outline direct plans to purchase Bitcoin. Bitcoin.

Texas, which has the second-largest economy in the United States and the eighth-largest globally, is home to the highest concentration of Bitcoin miners in the country.

The legislation aims to encourage minors to pay taxes using the digital asset.

Capriglione said his goal was to make the bill as broad as possible. He explained that the first step allows for flexibility and optionality, but with the support of other lawmakers it could be strengthened even more.

The proposal follows Pennsylvania’s introduction of similar legislation last month.

According to Porter, who helped write the Texas bill, up to 10 other states and four countries are considering comparable measures.

Bitcoin has gained more than 45% since the US presidential election, driven in part by Trump’s campaign promise to establish a national strategic Bitcoin reserve.

Several states have already passed crypto-friendly legislation.

Oklahoma, Louisiana, Montana and Arkansas have passed laws protecting mineral rights, self-custody, node mining and peer-to-peer transactions.

The Satoshi Action Fund has introduced 30 bills, including the Pennsylvania Strategic Bitcoin Reserve proposal.

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