The Texas state government will allocate $10 million to purchase Bitcoin

According to CoinDesk, Texas Governor Greg Abbott recently signed Senate Bill 21, making the state the first in the United States to establish publicly funded Bitcoin reserves. The state will allocate $10 million to purchase Bitcoin, becoming the first state in the United States to actually invest (rather than just authorize) in establishing cryptocurrency reserves. Lee Bratcher, Chairman of the Texas Blockchain Commission, stated that although this investment only accounts for 0.0004% of the state budget, it sends an important signal that Texas recognizes the future of digital finance. The supporting bill HB 4488 comes into effect simultaneously, prohibiting the transfer of Bitcoin reserve funds into the state's regular fiscal revenue.