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- Texas Governor an avowed cryptocurrency advocate
- Texas can benefit from the growth of digital currencies and blockchain technology
- Bitcoin can change the fortunes of Texas, already top ten economies in the world
Amid A Bitcoin Surge, Texas Leaders Get Cozy with Cryptocurrency
When China started clamping on Bitcoin mining it started a Great Mining Migration to friendly locations. One such location was Texas and the state is doing everything to cash upon the opportunities amid a Bitcoin Boom. Come Friday and President of the70 members Texas Blockchain Council, Mr. Lee Brachter, will be hosting the Texas Blockchain Summit – an event that could prove to be the largest state-level blockchain one-day summit ever.
Exactly two and half years ago, Bitcoin tanked from a peak value of $20 K in 2017 to a pathetic $3K a year later. The sudden tanking in values brought into sharp focus the high volatility and unpredictability associated with cryptocurrency. With the crash, the idea of striking gold by setting up giant mining rigs also bit the dust.
However, today two years after the debacle, the dream has once again reincarnated. Till today nearly 19 million Bitcoin have been mined this totals roughly $1 trillion. More and more players are in the fray to mine the remaining 2.3 million bitcoin. The vast rural expanse of Texas along with robust and cheap electricity access into Bitcoin mining towns has been an added attraction.
Texas Blockchain Council laid the groundwork for cryptocurrency trade
Bitcoin can change the fortunes of Texas, already the top ten economies in the world. The Texas Blockchain Summit will feature distinguished speakers like With Senator Ted Cruz (R-TX), Senator John Cornyn (R-TX), and Senator Cynthia Lummis (R-WY) and reveals the amount of interest that Texas has for cryptocurrencies. The speakers will reveal how Texas can benefit from the growth of digital currencies and blockchain technology.
Texas Governor Greg Abbott already had two long meetings with the Texas Blockchain Council. Abbot is an avowed fan of Cryptocurrencies and has made his feelings evident in a tweet that said that Texas is soon to become the crypto leader. He also referred to the decision by H-E-B to put cryptocurrency kiosks in some Texas grocery stores and said that Cryptocurrency is now coming to Texas grocery stores.
Lee Brachter, President of the Texas Blockchain Association stated that Texas provides an ideal environment for Blockchain innovation. Texas affords a business-friendly climate which is unique to Texas. The efforts of the Texas Blockchain Council worked hand in hand with lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that allow entrepreneurs to innovate.
Texas House Bills 1576 and 4474 were signed as a law by Governor Greg Abbott in June of 2021 and it became law officially on September 1. Texas House Bill 1576 created a working group on Blockchain technology while HR 4474 updated the Uniform Commercial Code to recognize the cryptocurrency. Thus Texas became the latest state besides Rhode Island and Wyoming – to do so. The Commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody cryptocurrency.
According to experts, Texas’s economy has surged unbelievably from an annual GDP of a little over $998 billion in 2000 to reach an annual GDP of just under $1.75 trillion by 2020. It is a healthy growth of 70.6%. Texas with its GDP size has become the 10 largest economies in the world. Therefore Texas can grow phenomenally with Crypto.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
