In the grand theater of Texas, where the stars shine brighter than the Bitcoin charts, the Senate prepares for a public hearing on a proposal that could make even the most stoic cowpoke raise an eyebrow. On Tuesday, the upper house of the legislature will gather, not for a rodeo, but to discuss the audacious idea of a strategic Bitcoin reserve. Yeehaw! 🤠
Enter stage left, Senator Charles Schwertner, the brave soul who introduced bill SB21 earlier this year. A bill that, like a tumbleweed in the wind, has gathered momentum and is now one of the top 40 priorities of the Senate, as decreed by the illustrious Lieutenant Governor Dan Patrick. Who knew Bitcoin could be so popular? 📈
But wait, there’s more! A new version of this bill, fresh off the press last week, allows for investments in cryptocurrencies that have managed to maintain a market capitalization of at least $500 billion for a whole year. Talk about a long-term relationship! And guess what? The pesky $500 million annual purchasing cap has been tossed out like last week’s barbecue leftovers. 🍖
This legislative endeavor aims to bolster the state’s economic resilience, as if Bitcoin were a knight in shining armor ready to save the day. Texas, the proud home of Bitcoin mining, is poised to lead the charge in establishing a state-level reserve with the cryptocurrency that has everyone buzzing. 🐝
In fact, Texas-based public Bitcoin miners account for a whopping 52% of the cryptocurrency’s total hashrate. That’s right, folks! If Bitcoin were a rodeo, Texas would be the reigning champion. 🏆
Meanwhile, 12 US states have reported their Microstrategy (MSTR) holdings in the first quarter, and more than 20 states are now in the race to launch their own state-level Bitcoin reserves. Last week, West Virginia joined the fray, becoming the 23rd state to throw its hat in the ring. Who knew Bitcoin was the new state fair attraction? 🎡
As for the odds of a federal Bitcoin reserve being approved this year? Well, they stand at a tantalizing 43%, according to Polymarket data. Will other nations follow suit and jump on the Bitcoin bandwagon? Only time will tell, but one thing’s for sure: the world is watching, and it’s got its popcorn ready! 🍿
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2025-02-17 20:54