Texas Don Set Up State-Backed Bitcoin Reserve Under New Law
Texas Governor Greg Abbott don sign Senate Bill 21 wey create Texas Strategic Bitcoin Reserve, wey give Comptroller power to invest up to $250 million from treasury reserves for Bitcoin. The law sabi sey the fund no fit dey use anyhow for budget sweeps, e limit the holdings to assets wey get market cap pass $500 billion—wey mean say na mainly Bitcoin dem dey focus—and e require say make dem keep the Bitcoin well well with institutional custody plus dem go report public twice every year. The reserve dey aim to diversify low-yield holdings, protect from inflation, and make things dey transparent. Dem dey expect first buy for next quarter, wey show say demand for state level dey grow plus institutional adoption strong, fit help Bitcoin price increase.
Bullish
State-backed Bitcoin reserve wey get support as much as $250 million public money set precedent for long-term institutional demand. Legal safeguards and transparency requirements dey reduce regulatory uncertainty. The timeline wey dem announce for next quarter purchase fit cause immediate buy-side pressure, while the fund’s hedging and diversification goals support sustained Bitcoin support over time.