Texas Could Soon Store Bitcoin Legally, Marking a Decisive Step in the Institutional Adoption of Cryptocurrencies in the United States

Dan Patrick, the lieutenant governor of Texas, has included this project among the legislative priorities for 2025

Texas may become the first U.S. state to establish a bitcoin reserve. Lieutenant Governor Dan Patrick has included the project among the legislative priorities for 2025, highlighting the accelerating institutional adoption of cryptocurrencies in the country.

Texas to Accept Bitcoin for Taxes, Fueling State Crypto Reserve

On January 29, Lieutenant Governor Dan Patrick officially unveiled the bitcoin reserve project as one of Texas’s legislative priorities for 2025. The announcement comes amid two related bill proposals: one introduced earlier this month by Senator Charles Schwertner, and another filed in December 2024 by Republican Representative Giovanni Capriglione.

The project would enable Texas to accept payment of taxes and fees in bitcoin, which would directly contribute to the upcoming strategic reserve.

The state, which collects over $250 billion annually in tax revenue according to the comptroller of finance, would have substantial capacity to build this reserve. The initiative aligns well with Texas’s status as a major hub for bitcoin mining, thanks to its abundant energy and crypto-friendly regulations.

A Movement Gaining Momentum Across the U.S.

The move initiated by Texas is part of a broader trend nationwide. At least five other U.S. states, including Arizona and Utah, are currently pursuing similar strategic reserve projects.

Arizona is leading the charge with its Strategic Bitcoin Reserve Act, which aims to allocate up to 10% of its public funds to bitcoin.

This momentum is further bolstered by the increasing political support for cryptocurrencies, notably with the strategic appointment of Senator Cynthia Lummis to lead the Senate subcommittee on digital assets. Her BITCOIN Act, which aims to establish a national strategic reserve, reflects the scale of this movement.

Being an economic powerhouse and already boasting expertise in the bitcoin ecosystem, Texas’s move could serve as a catalyst for large-scale institutional adoption in the U.S., permanently reshaping the American financial landscape.