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Bitcoin Is Good For The Power Grid, Says Texas Governor Greg Abbott

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 Bitcoin Is Good For The Power Grid, Says Texas Governor Greg Abbott



Greg Abbott, the governor of Texas, recently declared his support for bitcoin. Abbott stated that Texas wants to be the hub of all Bitcoin activity in a video that was broadcast by the Bitcoin news Twitter account Documenting Bitcoin.

The governor claimed that Texas understands Bitcoin's potential and what it will signify for the entire planet. Adds Abbott, 

Texas aspires to be the focal point of that.

He goes on to say that Texas is supporting and advancing Bitcoin while working to create a platform for those working in the blockchain and Bitcoin industries so they have somewhere to go. 

Texas aims to provide a platform free of the obstacles that come with more regulation so that businesses can operate smoothly and innovate at the same time. He intends to keep pushing Bitcoin and blockchain, which he calls "the cutting-edge of innovation in the globe right now."

When asked by the interviewer what he has been doing to make Texas a Bitcoin nation, Abbott replies that in addition to being open to the technology, Texas has implemented regulations to make operating with Bitcoin easier. 

Abbott also mentions that Texas has established a working committee that will concentrate on the kinds of laws that will make the state more welcoming toward cryptocurrencies. Additionally, Texas considers itself to be anti-regulatory and does not wish to be overly so.

The state does, however, intend to set up the necessary framework for Bitcoin and blockchain technology to flourish. Contrary to most states in the US, which have a heavily controlled power structure like a single utility program in the state, Texas has an open and independent power system. 

Additionally, Texas citizens are allowed to buy electricity from a nearby power supplier, which gives others the chance to use less electricity when, for example, there is a high demand for electricity during a rainstorm.

In contrast to a sector that depends on power, like a hospital, a resident who uses Bitcoin won't suffer a major loss as a result of a power outage. Therefore, according to Abbitt, Bitcoin is advantageous for the electricity grid.

Article Credit: CryptoNews.Net

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