Riot Platforms advocates Bitcoin reserve in Texas

According to CryptoSlate, Riot Platforms’ Vice President Pierre Rochard addressed the Texas Senate in favor of a bill proposing the establishment of a state Bitcoin reserve. The proposal aims to codify Bitcoin as a strategic asset in regional financial management, sparking intense debate among lawmakers.

The core argument is that holding part of state reserves in a digital asset could grant long-term flexibility. Proponents claim Bitcoin’s limited supply helps protect against inflation. Industry data suggests Riot Platforms already operates substantial mining capabilities in Texas and hopes for supportive legislation.

Critics, however, highlight the cryptocurrency’s volatility and potential budgetary risks. Yet endorsement from major players like Riot Platforms might sway local officials about the initiative’s feasibility. A final Senate vote is expected in March 2025 and could set a precedent for other states.