Texas Politicians Taste Bitcoin: Greed, Power, and Digital Salvation?

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There is an epochal stirring in the depths of Texas, my friend, where the specter of cryptocurrency haunts not the back alleys of St. Petersburg but the sun-baked halls of the Texas legislature. Senate Bill 21—strange child of ambition and fiscal delirium—has emerged victorious from the Committee on Delivery of Government Efficiency, passing by a decisive 9-4 vote. What are votes if not fleeting gestures, haunted by conscience and the heavy illusion of free will? Yet I digress.

The Senate, drunk on visions of digital utopia, had already granted its blessing in March. Now, the bill is dragged by its ankles onto the House floor for judgment, after which, if fate—his name is Greg Abbott, self-professed apostle of cryptographic salvation—so deigns, Texas shall become the “crypto capital” of America. One wonders if Dostoevsky’s Raskolnikov, with his fever dreams and existential dread, would have found solace in digital wallets. In all likelihood, he’d have pawned his mother’s Bitcoin for existential freedom and a strong drink. 🥃

Will the Real Bitcoin Please Stand Up?

In January, Senator Charles Schwertner introduced SB 21, originally championing a Bitcoin-only reserve—a digital fortress of solitude. But as is the fate of all honest plans, it was dragged through bureaucracy and now includes any digital asset boasting a market cap north of $500 billion. For now, that’s just Bitcoin—Ethereum weeps quietly in a corner. The keeper of this digital cornucopia is none other than Comptroller Glenn Hegar, whose sense of duty surely matches that of Ivan Karamazov awaiting his inheritance.

The Texas House committee has approved SB 21, next steps a Texas House vote by all members and the governor’s signature.

It looks likely that Texas will have a Strategic Bitcoin Reserve, the big open question is how much BTC will be acquired.

— Pierre Rochard (@BitcoinPierre) May 8, 2025

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America’s Race to HODL: Who Is Winning?

Texas rages feverishly, but other states—you may call them “crypto-Bolsheviks”—have already stormed the Bastille. In Arizona, Governor Katie Hobbs signed a grand Bitcoin and Digital Asset Reserve Fund into existence, allegedly “independent of taxpayer money.” This is American innovation, comrade: stake unclaimed digital coins, reap rewards, receive airdrops—don’t ask questions. The fund will grow by the sheer will of those who forgot their private keys.

Twenty-four hours earlier, New Hampshire’s Governor Kelly Ayotte dashed forward, penning House Bill 302, permitting investments in cryptocurrencies with $500 billion+ market cap. In other words, they are stuffing the state treasury with Bitcoin and waiting for Satoshi Nakamoto to manifest in New England.

Florida and Sweden: To Hold or Not to Hold?

While Bitcoin fever spreads, Florida responded with the carefree apathy typical of an overworked Dostoevsky landlady. On May 3, the state hurriedly dropped two Bitcoin bills, presumably after too many legislators forgot their passwords, but managed to pass bans on smartphones and fluoridated water so the soul, if not the teeth, is pure.

Across the ocean, Sweden, in a fit of existential ennui, explores a national Bitcoin reserve. One Swedish MP, perhaps a closet gambler or Dostoevskian antihero, proposes the idea to the finance minister. The future of European stoicism may yet be written in cryptographic code, or perhaps in a vodka-soaked ledger.

As the Texas legislative session hurtles towards its June 2 abyss, all eyes fixate on SB 21. The drama unfolds. Bitcoins tremble in their cold storage wallets. Somewhere, Dostoevsky sighs—though whether with hope or despair, it’s impossible to tell. 👀🪙

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FAQs

Which states have Bitcoin reserves in the U.S.?

Arizona and New Hampshire, bold and possibly mad, have passed laws dignifying Bitcoin with state investment.

What is the status of SB 21 in Texas?

Teetering on the brink: SB 21 has slipped past committee, now faces the full Texas House. The curtain falls on June 2—or perhaps the comedy will continue in perpetuity.

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2025-05-08 11:46