In a move that mirrors President-elect Donald Trump’s cryptocurrency vision, a bill proposing a strategic Bitcoin (CRYPTO: BTC) reserve was put forth in the state of Texas on Thursday.

What Happened: Texas Republican Rep. Giovanni Capriglione introduced the bill, also called the Texas Strategic Bitcoin Reserve Act, which proposed the establishment of a special fund in the state treasury to solely hold Bitcoin as a financial asset.

The bill outlined that all Bitcoins will be stored for a minimum period of five years after which they can be sold, appropriated, or converted to other assets on the directions of a comptroller.

“The legislature recognizes Bitcoin as a valuable digital asset with strategic potential for enhancing the state's fiscal resilience,” a section in the proposed legislation read.

The south-central state of Texas is known as the Bitcoin mining hub of the U.S. and a favored location for mining giants like Riot Platforms and MARA Holdings.

See Also: XRP Poised For ‘Brief Correction,’ But Here’s Why It Could Go To $4

This development follows Pennsylvania’s move last month to consider its state-held cryptocurrency reserve. The Pennsylvania Bitcoin Strategic Reserve Act, the first bill of its kind, would authorize the state’s treasury to invest up to 10% of its $7 billion reserves into Bitcoin.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $99,483.75, down 1.37% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Lucky-photographer On Shutterstock.com

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