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According to Techub News and CoinDesk, Texas will allocate $10 million to purchase Bitcoin, potentially becoming the first state to establish an official Bitcoin reserve and actually allocate funds. Texas Blockchain Council Chair Lee Bratcher stated that this acquisition "only accounts for 0.0004% of the state's budget, but it can have a tremendous impact, sending a signal to investors and entrepreneurs that Texas understands the future of finance is digital." Additionally, under the supporting bill HB4488, the held Bitcoin cannot be counted as general revenue.