Texas Becomes First US State to Establish Bitcoin Reserve
- Texas has allocated $10 million for its Bitcoin reserve, with an initial purchase made on November 20.
- The state bought Bitcoin at a price of $91,336 per coin.
- Acting Texas Comptroller Kelly Hancock emphasized the goal of strengthening the state’s balance sheet.
- Bitcoin is currently trading at $92,311, reflecting a rise of 2.5% in the last day.
This initiative positions Texas as a leader in cryptocurrency adoption among US states, following similar legislative actions in Arizona and New Hampshire that have yet to result in actual purchases. The investment aims to leverage Bitcoin’s long-term potential while managing its inherent volatility.
With this strategic move, Texas is setting a precedent for other states considering Bitcoin reserves as part of their financial strategies. The initial investment reflects a calculated risk within the context of a broader state budget of $338 billion. (Source)
