Texas Buys Bitcoin Like a Desperate Gambler at Midnight 😱

by

Key Takeaways

Where does Texas’ BTC reserve stand?

Ah, Texas-land of wide horizons and even wider ambitions-has hurled itself into the abyss of fate by purchasing $5 million worth of BlackRock’s IBIT, clinging desperately to the belief that Bitcoin will not betray them as men so often betray one another. Another $5 million lies waiting, trembling in the shadows, yearning for its moment to step into the merciless marketplace. 💸

How about other states?

Arizona and New Hampshire stand nearby, watching with the indecision of men who wish to leap into icy waters but lack the courage to plunge. Their laws exist, yes, but their wallets remain sealed-perhaps like hearts locked after tragedy. 😔

Texas seized Bitcoin at a discount, as one might grab bread during famine, and thus became the first U.S. state to fund a strategic BTC reserve (SBR). Whether this is foresight or madness only the fates know.

On the 25th of November, Lee Bratcher, the solemn herald of the Texas Blockchain Council, declared that the state purchased $5 million worth of BTC on the 20th. Yet half of the war chest remains untouched, like a pistol awaiting its final bullet.

Bratcher also whispered-perhaps proudly, perhaps trembling-that Texas captured BTC at the fateful price of $87K through BlackRock’s iShares Bitcoin Trust (IBIT), but intends one day to self-custody the coins, guarding them like a paranoid man sleeps with both eyes open. 🥸

The $10 million allocation was but the “initial funding,” per the Texas Bitcoin bill. The budget cycle renews every two years-slow, torturous rotations of bureaucracy, like clocks ticking toward doom. ⏳

In other words, another $5 million may yet be cast into the flames before the next budget dawns. 🔥

State and global race for BTC

Texas is one of three states to pass a strategic BTC reserve bill, allowing the formation of a sacred fund under the watch of the state comptroller, investing only in assets with a market cap above $500 billion-because even in financial chaos, one must cling to illusions of order.

Arizona and New Hampshire passed similar laws-yet their purchases remain as silent as an abandoned church at night.

Other states, like Ohio, attempted such endeavors but were crushed immediately by lawmakers whose fear outweighed ambition. How familiar the scene: dreams strangled before their birth. 😐

A slow but steady structural bid

Meanwhile, the United States holds 326K BTC-worth $28 billion-an amount so vast it mocks the struggles of common souls suffering in dusty streets. 🥲

The nation added 127K BTC in Q4, seized like stolen treasure from anti-money laundering investigations. Yet China protests, claiming the U.S. hacked the LuBian mining pool-so the nations squabble, each accusing the other, like brothers fighting over inheritance they neither earned nor deserve. 🥊

Elsewhere, also rising upon the world stage: Abu Dhabi, the Czech Republic, and El Salvador-new gladiators entering the arena drenched in digital blood.

The UAE declares BTC a strategic reserve, a cousin to gold, and has nearly tripled its holdings as of Q3. Truly, humanity’s passions remain unchanged-only the tokens we worship evolve. ⛪

Thus governments now rank as the third-largest BTC holders worldwide, surpassed only by ETFs and public companies. A curious twist: the state becoming the gambler, and gamblers becoming the state. 🤯

The hunger for Bitcoin from these emerging powers may soften the brutal price collapses that haunt traders at night. But the $10M budget in Texas, spanning two long years, stands like a candle beside the roaring furnace of treasury giants such as Strategy. Still-timid faith and reckless greed alike may yet raise Bitcoin to heights unimagined. 🚀

Read More

2025-11-26 12:17