A woman poses with a bitcoin mascot during the Thailand Crypto Expo.

Texas Comptroller Glenn Hegar couldn’t answer basic questions about how he would manage the State Bitcoin Reserve.

Sen. Charles Schwertner, R-Georgetown sand Lt Gov. Dan Patrick are pushing for a Texas Strategic Bitcoin Reserve paid for with taxpayer money.

An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, Thursday, Feb. 17, 2022.

Cryptocurrency bros are not satisfied with making money off our wobbly electric grid, now they’ve convinced Lt. Gov. Dan Patrick to spend tens of millions of taxpayer dollars on a Strategic Bitcoin Reserve to boost an industry that many experts warn will end in tears.

Patrick made creating the reserve one of his top priorities. In testimony before the Senate Business and Commerce Committee, Texas Comptroller of Public Accounts Glenn Hegar, the state’s chief financial officer, said he worked on Senate Bill 21, but he still couldn’t answer basic questions even though he would manage the fund.

How much would Texas need to spend to start a “strategic reserve?”

Advertisement

Article continues below this ad

“I haven't come prepared to give a number,” Hegar answered.

SB 21 would allow individuals and companies to donate to the Strategic Bitcoin Reserve. How would he prevent them from using the reserve to manipulate crypto........

© Houston Chronicle