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The Texas state government in the United States will allocate $10 million for the purchase of Bitcoin.
On June 24, according to CoinDesk, Texas became the first state in the U.S. to establish an independent Bitcoin reserve supported by public funds after Governor Greg Abbott signed Senate Bill No. 21 last weekend. The bill requires the state government to set up a Bitcoin reserve managed independently of the main financial system, thus joining a small but growing number of states exploring digital asset reserves. Unlike Arizona and New Hampshire, which have only authorized similar legislation, Texas not only authorizes the establishment of this reserve but also provides actual funding support. The state government will allocate $10 million to purchase Bitcoin to bolster the reserve.