There has been a lot of buzz going around regarding Texas and Bitcoin.
Although when did it start and what does it really mean?
Lets dive in on an article posted by Forbes and a Tweet posted by Pomp!
Nothing should be considered investment or financial advice. Enjoy the ride!
Texas And Bitcoin
Before we kick things off, lets look at the Tweet that inspired this article.
The Governor of Texas has announced his intention for the state to become the home of bitcoin.
The City of Miami has previously announced their intention to make their city the capital of bitcoin.
It is beautiful to watch cities & states compete for bitcoiners and their assets.
— Pomp 🌪 (@APompliano) October 14, 2021
While Pomp can be considerably biased, he isn’t wrong with this Tweet.
Lately there seems to have been a love story written between the wild west state of Texas and the wild west form of money Bitcoin.
The governor has already helped propose bills to support blockchain development and helped companies migrate to the state given that they choose to do so. In addition, the governor has said that crypto should be in all the grocery stores! There really is no limit in his eyes for the digital currency which poses well for the industry in that state.
There is even an official Blockchain summit for Texas that is on the horizon. The Governor has met with the council behind the event twice already showing his support for the industry once again.
While this seems like a new development, lets take a look at where this is coming from.
China Bans BTC Mining
If we take a step back to the end of September, we remember that China announced once again that it would be banning Bitcoin.
Well, some of the Bitcoin companies are quite tired of the love hate relationship that the country has with the crypto.
Most notably are the mining companies.
As Forbes puts it in this article here, a good bit of these companies are looking to come all the way across the world to none other than Texas.
More specifically, they are moving to Austin, Texas of all places!
Texas And Crypto
In general, there is nothing special about Texas other than the support from the local government. Although, as recent as September two important bills passed making Texas something special for the crypto scene.
The first House Bill 1576 which established a working group specifically to keep up with the crypto industry.
The second House Bill 4474 severed to update the Uniform Commercial Code. This enables the state to recognize cryptocurrency.
This makes Texas the next state to do so right after Rhode Island and Wyoming.
While this is not incredibly game changing, the state is working hard to provide companies and entrepreneurs with legislation that will lay out the framework for the industry moving forward. Most of the issue with crypto is not the actual technology, but the legislation that has failed to keep up with the tech limiting it’s growth in the U.S.
Texas And BTC
As this continues to develop into the year, it will start to become a race between states for who will be most welcoming to the crypto space.
While Texas has entered the scene strong, there are several states like Florida, California, Wyoming, and Colorado that have already taken steps ahead of the rest to set themselves apart. Texas might have to sweeten the deal soon if they expect to continue their competitive edge over these other forward thinking states.