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‘Bitcoin Is Good For Power Grid’: Governor Of Texas, Greg Abbott

Published 11/27/2022, 04:00 AM
Updated 11/27/2022, 04:30 AM
© Reuters ‘Bitcoin Is Good For Power Grid’: Governor Of Texas, Greg Abbott
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  • The Governor of Texas claims that Bitcoin is good for the power grid.
  • Texas wishes to become the centre of Bitcoin advancement in the country.
  • The state is promoting and advancing Bitcoin and blockchain for innovation including revising and passing regulatory laws.

The Governor of Texas, Greg Abbott recently expressed his support towards Bitcoin. In a clip posted by the Bitcoin information Twitter account, Documenting Bitcoin, Abbott shared that Texas wishes to be the centre of all Bitcoin action.

The Governor said that the state of Texas sees the future of Bitcoin and what it means to the entire world. Abbott adds,

Texas wants to be the centrepiece of that.

He continues, that Texas is promoting and advancing Bitcoin while trying to provide a platform for those involved in the industry including blockchain and Bitcoin to ensure that they have a location to come to.

Texas wants to create a platform free of the friction that accompanies higher regulation to enable businesses to be conducted easily and additionally promote innovation. He plans to continue advancing “the cutting-edge of innovation in the world right now” that is Bitcoin and blockchain.

When asked by an interviewer what Abbott has been doing to allow Texas to be a Bitcoin country, he answers that alongside being open to the technology, Texas has passed laws to allow ease of operations concerning Bitcoin.

Additionally, Abbott shares that Texas has created a working group that will focus on the type of legislation that will make the state more inviting towards cryptocurrency. Moreover, Texas doesn’t want to be over-regulatory and identifies as anti-regulatory.

However, the state does aim to provide an infrastructure in which blockchain and Bitcoin will be able to succeed. He informs that Texas has an open and independent power grid, unlike most states in the country that have a highly regulated power structure like a single utility program in the state.

Moreover, residents of Texas have the freedom to purchase power from a local power provider which creates an opportunity for others to cut back on power when there is a heavy demand for power during a thunderstorm, for instance.

A resident involved in Bitcoin will not incur a significant loss due to a lack of power, in comparison to a power-dependent industry like a hospital. Hence, Abbitt claims that Bitcoin is good for the power grid.

The post ‘Bitcoin Is Good For Power Grid’: Governor Of Texas, Greg Abbott appeared first on Coin Edition.

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