Bitcoin could do much for Texas – already a top 10 economy on the planet with guest speakers Senators Ted Cruz (R-TX), John Cornyn (R-TX), and Cynthia Lummis (R-WY) addressing those in attendance, might make the Texas Blockchain Summit a benchmark for the amount of interest in how Texas could take advantage of the development of blockchain technology and digital currencies.
Governor of Texas Greg Abbott has met with the Texas Blockchain Council two times already. Abbott recently tweeted that, “Texas will be the crypto leader. Cryptocurrency is now coming to Texas grocery stores”, a reference to the choice by H-E-B to put cryptocurrency kiosks in some Texas grocery stores.
Lee Bratcher, President of the Texas Blockchain Association, stated…
“Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons including; the business-friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council working alongside lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that allow for entrepreneurs to innovate.”
The Texas House Bills 4474 and 1576 signed by Governor Abbott summer of this year officially took effect on September 1st establishing a working group on blockchain technology and an update to the Uniform Commercial Code to recognize cryptocurrency. Texas is now the latest state – along with Wyoming and Rhode Island – to do so. Meanwhile, the Commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody cryptocurrency.
Governor Abbott likewise selected 4 new specialists to the work group on blockchain matters that consists of professors from scholastic universities and Texas state officials. In addition, the Texas Blockchain Council has introduced the idea of an amendment to the constitution that would enable Texans to pay property taxes with bitcoin.
Texas has witnessed an astonishing level of growth in the past 2 decades. According to a recent Forbes article, Texas has gone, “from an annual GDP of a little over $998 billion in 2000″, to growth of, “70.6% in 20 years, to reach an annual GDP of just under $1.75 trillion by 2020.” With the GDP size currently making Texas the 9th or 10th biggest economy worldwide, do not underestimate just how big Texas could grow with crypto.
Nate got into crypto by investing in stable coins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.