Quick Summary
In April 23, 2025, Texas sets a public hearing on a bill that suggested the use of a $500 million Bitcoin reserve.
With its enactment, the state would be allowed to purchase BTC to the tune of $500M on an annual basis.
Following announcement, bitcoin price rises 1 % above levels of 85M.
24h-trading volume decreases by 28.81%, to 13.41B; this shows the bullish perception amongst traders.
The bill has passed several Senate phases and is presently on its way to a House vote.
One Step to a Bold Step: Texas finds Bitcoin as a Strategic Reserve
Texas is causing a stir in the crypto community by announcing the airing of a bill in a scheduled public hearing on April 23 2025, and which may make the Lone Star State the first to adopt Bitcoin.
In case it pass, the bill will enable Texas to conduct purchases of up to 500 million dollars worth of Bitcoin annually, forming a Strategic Bitcoin Reserve.
The initiative is already becoming a reality as it has already gone through several phases in the Senate in the state of Texas during March.
The next hearing in the House can make a historic breakthrough on the future adoption of Bitcoin at state levels.
Market Reaction: Prices soar, Falls in volume
After the announcement was made, the cost of Bitcoin had slightly gone up by 1 percent surpassing the $85,000 levels, as indicated by CoinMarketCap.
Interestingly, the increase in the price notwithstanding, 24-hour trade volume fell by almost 29 percent to end up at 13.41 billion.
The decline may be an indication that the holders have greater confidence and there are more expectations of the institutions to get involved in Bitcoin.
What This Implies One Crypto
In case Texas proceeds, this would make it one of the states that have been the first to directly invest in Bitcoin, which could be an example to others.
As government support and institutional interest have been mounting, the crypto market can be on the verge of a new stage of mainstream integration.
April 23 will be the day the crypto community is eagerly awaiting the result of since Texas is likely to make such a revolutionary move in its approach to Bitcoin as a strategic asset or not.