Why is Texas Governor Highly Bullish on Bitcoin?

Key Insights

• Texas Governor intends to make the state epicenter of Bitcoin
• He approved Bitcoin and said the regulations are crypto-friendly
• Greg Abbott says Bitcoin is beneficial to Texas’ power grid

Since Bitcoin was created in January 2009, it has been deployed for several use cases— thirteen years after, the Texas governor added to its use cases.  From the blockchain usability to its BTC token as means of exchange and investment. 

Aside from his approval of Bitcoin and his desire for Texas to become the epicenter of all Bitcoin activity. He said Bitcoin benefits the state’s power grid. 

This approval of the foremost crypto token comes when Government agencies and regulators introduce strict laws to the ecosystem. It is, therefore, interesting to see a Government representative giving public approval. 

Texas Governor Approves Bitcoin

Documenting Bitcoin tweeted a video on Twitter that has since gone viral. In the video, Greg Abbott, the Governor of Texas, was seen talking about Bitcoin (BTC). 

The first highlight of the video is that the Governor approves and supports Bitcoin. He said, “ we are promoting Bitcoin, we are advancing it, and we are providing a platform for it.”  He added that “Bitcoin is the cutting edge of innovation in the world.” 

Similarly, Gregg Abbott identifies the potential of digital assets. He said, “the state is aware of the potential of Bitcoin and what it implies for the rest of the globe.” 

Furthermore, the Texas Governor’s speech covers the role that the state seeks to play in Bitcoin adoption. He said the state is giving a platform for active folks on Bitcoin. He added that he wants his state to play a central role and serve as a venue for industry players to meet. 

Significantly, the governor identifies the benefit of Bitcoin to the Texas power grid. On this premise, he said the Texas power grid is open and independent to all players. 

It is worth noting that most states in the United States have heavily controlled power structures. The Texas Governor’s statement showed that the state seeks to be different from others. 

How Texas Promotes Bitcoin?

Gregg Abbott asserts that the State is receptive to technological innovation and has rolled out friendly regulations. He said, “Texas has established regulations to allow for ease of operations surrounding Bitcoin.” 

Similarly, he said the State has a working group that will formulate laws and policies for crypto. These laws will make Texas a favorable environment for Bitcoin and other digital assets. 

Furthermore, the Governor says they are working towards the development of infrastructure. This infrastructure will allow blockchain technology and Bitcoin to be successfully and widely adopted. Similarly, Texas will become the epicenter of Bitcoin.