AUSTIN / LONDON (IT BOLTWISE) – Texas has become the first US state to set up a strategic Bitcoin reserve. With an initial investment of $5 million, the state plans to double its stake in the cryptocurrency. This decision could have far-reaching implications for the financial and technology landscape.
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The US state of Texas became the first state to establish a strategic Bitcoin reserve by investing $5 million in the cryptocurrency. This decision marks a significant step in the fiscal policy of the state, which plans to double this amount in the coming months. While other states such as New Hampshire and Arizona have passed similar laws, Texas is the first to actually carry out a transaction.
Bitcoin is known for its volatility, which presents both opportunities and risks. At the time of purchase, the price was around $91,000 per Bitcoin, while recently it has fallen to around $86,000. These fluctuations highlight the uncertainties associated with cryptocurrencies. Still, advocates like Lee Bratcher of the Texas Blockchain Council see the investment as a parallel to the gold reserve and an important step in supporting the growing financial and technology landscape in Texas.
The decision to invest in Bitcoin was made in the spring by Texas lawmakers, who allocated $10 million from a $340 billion state budget for this investment. Critics such as Senator Roland Gutierrez expressed concerns about volatility and the use of taxpayer money on such a risky investment. Nevertheless, the investment is seen as a signal of economic development and technological support in Texas.
Bitcoin is “mined” in Texas at at least 27 facilities, where computers solve math problems around the clock to create digital files that can be purchased. Despite criticism of the energy-intensive processes and the associated environmental impacts, the cryptocurrency remains an attractive investment object for the state. The Texas government plans to closely monitor the development of the Bitcoin reserve and may add more funds in the 2027 legislative session.
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