Bitcoin News Today: "Texas Secures Bitcoin as Modern Gold, Wagers on Protection Against Inflation"
- Texas becomes first U.S. state to allocate $10M in Bitcoin via BlackRock’s IBIT ETF, establishing a Strategic Bitcoin Reserve. - Legislation signed by Governor Greg Abbott authorizes long-term Bitcoin holdings as a hedge against inflation and diversification tool. - Move aligns with global institutional adoption trends, including Harvard’s $442.8M IBIT increase and New Hampshire’s Bitcoin-backed bond. - Critics warn of volatility risks, while proponents highlight Bitcoin’s decentralized value and five-ye
Texas Sets Precedent as First U.S. State to Include
In a groundbreaking move, Texas has become the first state in the U.S. to add Bitcoin to its treasury, investing $10 million in the digital currency via BlackRock’s iShares Bitcoin Trust (IBIT) ETF. This purchase,
This initiative is part of a wider legislative push led by the Texas Blockchain Council, which promoted the establishment of a Strategic Bitcoin Reserve. Earlier this year, Governor Greg Abbott enacted the law that permits Texas to purchase and retain Bitcoin as a long-term holding.
Texas’s move is in step with a worldwide rise in institutional involvement. Harvard University’s endowment fund recently increased its IBIT holdings threefold to $442.8 million, while Emory University and Abu Dhabi’s Al Warda Investments have also expanded their Bitcoin investments.
Nonetheless, skeptics point to Bitcoin’s price fluctuations as a potential threat to public finances. The cryptocurrency has hovered around $87,500, which is about 30% below its record high, prompting worries about short-term volatility. Supporters like Bratcher maintain that Bitcoin’s resistance to inflation and its decentralized structure make it a strong complement to conventional reserves.
This decision has also ignited discussions about regulatory standards. For instance, Japan’s Financial Services Agency plans to require crypto exchanges to maintain liability reserves to offset losses from hacks or operational issues, a policy that could shape how states like Texas handle their digital assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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