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Texas Moves Forward With Bitcoin Reserve—Volatility Be Damned
As the price of Bitcoin (BTC) takes a significant hit, dropping to $79,029, some might think it’s a bad time for Texas to be considering adding the cryptocurrency to its balance sheet. However, lawmakers in the state seem undeterred by the recent volatility.
In fact, they’re moving forward with Senate Bill 21 (SB-21), which would allow Texas to hold and invest in Bitcoin as part of its reserve. Despite a sharp decline of $8.3%, BTC’s price has still not deterred those who believe it could provide a valuable hedge against inflation or an unstable dollar.
As the bill now heads to the next stage, critics are cautioning that the state might be taking on too much risk by embracing such an unstable asset. On the other hand, proponents argue that Bitcoin’s distributed nature makes it an attractive option for Texas to take control of its financial future.
It remains to be seen how this will play out.
Source: https://bitcoinist.com/texas-moves-forward-with-bitcoin-reserve-volatility-be-damned/
