The Texas Senate passed SB-21, the Strategic Bitcoin Reserve bill, by a vote of 25-5 yesterday after an intense debate on the Senate floor.
State Senator Charles Schwertner, who proposed the bill, argued that it would allow Texas to strengthen its financial position with a valuable and limited resource.
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Senator Schwertner told the assembly:
"We don’t have stacks of dollar bills and safes like we did in medieval times. What we have is digital currency."
Proponents of Bitcoin in the legislature tried to dispel concerns that Bitcoin could challenge the US dollar as the world's reserve currency, comparing Bitcoin more to gold and suggesting it serves as a hedge against inflation.