A bill has been presented in the Texas House to create a strategic bitcoin reserve.

A bill was presented in the Texas House of Representatives on Thursday to create a strategic bitcoin reserve, which could act as a test for the U.S. Treasury.

The proposed bill would allow the state to establish a strategic bitcoin reserve by accepting taxes, fees, and donations in bitcoin, which would be held for a minimum of five years, according to Republican State Representative Giovanni Capriglione, who made the announcement at an X Spaces event on Thursday. The bill aims to enhance the state's financial stability and position it as a leader in bitcoin innovation.

""Inflation is likely the greatest threat to our investments, and a strategic bitcoin reserve could be a profitable investment for the state," Capriglione stated."

He said later that he had filed a bill titled "An act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities."

Texas, with its second-largest economy in the U.S. and eighth-largest globally, boasts the highest concentration of bitcoin miners in the country. The aim is to encourage some of them to pay their taxes using cryptocurrency. However, the initial proposal does not involve a direct bitcoin purchasing strategy.

"Capriglione stated that his objective is to expand the bill as much as possible, both in scope and size. He explained that the first step is to provide some flexibility and options, but if he can gain support from other legislators, he will make it even more robust."

The call for a national strategic bitcoin reserve, which was a key promise of President-elect Donald Trump's crypto-friendly campaign, has gained momentum since the election. Bitcoin has surged more than 45% as optimistic investors believe that the creation of such a reserve will drive up its value even further.

Despite uncertainty about whether the U.S. will create a bitcoin reserve and whether it will be the first, the mere suggestion of it could positively influence the market and prompt other countries to establish one, regardless of the U.S.'s actions.

John Todaro of Needham told CNBC that while it's unlikely to occur, the possibility of the U.S. government purchasing bitcoin could help get animal spirits back into the market. However, he added that it's unlikely to drive material price gains as he doesn't expect the government to buy bitcoin in any significant amount.

Pennsylvania was the first state to propose a strategic bitcoin reserve bill last month, and as many as 10 more states and four countries are considering doing the same in the near future, according to Porter.

Porter, who collaborated with Capriglione on the bill, has also assisted lawmakers in other states with bitcoin-related legislation.

The states of Oklahoma, Louisiana, Montana, and Arkansas have enacted legislation to safeguard the right to mine, self-custody, running a node, and engaging in peer-to-peer transactions. The Satoshi Action Fund has introduced 30 bills so far, including Pennsylvania's strategic bitcoin reserve bill, which was recently presented last month.

In July, Trump announced that his administration would keep 100% of all bitcoin currently held or acquired by the U.S. government as a core of the strategic national bitcoin stockpile. Meanwhile, at the same conference, Wyoming Republican Senator Cynthia Lummis unveiled her BITCOIN Act to establish a national strategic bitcoin reserve.