Texas becomes first state in US to buy Bitcoin

[rdluffy]

Yeah, looks like Texas bought the dip 


https://x.com/lee_bratcher/status/1993374557617479942


https://x.com/WatcherGuru/status/1993382902307209612

Will other states follow Texas' lead?

[Porfirii]

This is great news but it does not seem to have had a positive impact on the price at the moment. In fact, I thought other states or even Texas had already bought Bitcoin in the past, and perhaps that is part of the problem why enthusiasm does not translate to the markets. After so many positive messages from several governments and especially from the USA, perhaps we have become desensitised to these great news. Or it may simply be that the need for liquidity to take advantage of the Black Friday sales is exerting too powerful a bearish effect and the good news barely compensates for this downward trend.

[AVE5]

This is great news but it does not seem to have had a positive impact on the price at the moment. In fact, I thought other states or even Texas had already bought Bitcoin in the past, and perhaps that is part of the problem why enthusiasm does not translate to the markets. After so many positive messages from several governments and especially from the USA, perhaps we have become desensitised to these great news.

You know, a lot of institutions such as Strategies and others had invested huge amount of dollars within this market decline and buying the Dip which we had expected to begin turn the market around but it still keep declining from recovering like we're still having more liquidation than the buyers because the market keep showing the opposite.
It's another news that Texas had just bought with such amount but yet we're not still seeing it significant. I don't know if there's any form of these buying orders has to settle in the market before it can influence volatilities towards up trends. However, we keep anticipating that bitcoin price will pending the bull on correction just in the short time.

[AdobeWriter]

Things are looking up. Over the last 5 days over 500 000 BTC has left exchanges. Looks like lots of BTC changed hands.



Edit: Reserves back up a bit, but things still looking good IMO

[colinistheman]

This is great news but it does not seem to have had a positive impact on the price at the moment. In fact, I thought other states or even Texas had already bought Bitcoin in the past, and perhaps that is part of the problem why enthusiasm does not translate to the markets. After so many positive messages from several governments and especially from the USA, perhaps we have become desensitised to these great news. Or it may simply be that the need for liquidity to take advantage of the Black Friday sales is exerting too powerful a bearish effect and the good news barely compensates for this downward trend.

So far, a total of three states, New Hampshire, Arizona, and Texas, have officially passed bitcoin reserve laws. Of those, neither New Hampshire nor Arizona made any purchases, instead using seized assets and donations to add to their state bitcoin reserves. Only Texas uses its budget to buy bitcoin and they are the first state to do so.
I think this news did not have any positive impact on the market because the buy order was quite modest, $10 million is not a large amount that we can expect to make a difference. But in the long run this is good news as it could trigger similar trends in other states.

The news about bitcoin reserves had almost no impact simply because none of them used the budget to buy it and most just used the confiscated bitcoins as strategic reserves, including the Trump administration.

[Cryptomultiplier]

This is great news but it does not seem to have had a positive impact on the price at the moment. In fact, I thought other states or even Texas had already bought Bitcoin in the past, and perhaps that is part of the problem why enthusiasm does not translate to the markets. After so many positive messages from several governments and especially from the USA, perhaps we have become desensitised to these great news. Or it may simply be that the need for liquidity to take advantage of the Black Friday sales is exerting too powerful a bearish effect and the good news barely compensates for this downward trend.

So far, a total of three states, New Hampshire, Arizona, and Texas, have officially passed bitcoin reserve laws. Of those, neither New Hampshire nor Arizona made any purchases, instead using seized assets and donations to add to their state bitcoin reserves. Only Texas uses its budget to buy bitcoin and they are the first state to do so.
I think this news did not have any positive impact on the market because the buy order was quite modest, $10 million is not a large amount that we can expect to make a difference. But in the long run this is good news as it could trigger similar trends in other states.

The news about bitcoin reserves had almost no impact simply because none of them used the budget to buy it and most just used the confiscated bitcoins as strategic reserves, including the Trump administration.

It is indeed a great new for Bitcoin adoption and the long lasting effect it would have on the economy, because individual holders have now become institutional holders with the availability and launch of spot ETF of which the state of Texas through Blackrock, took advantage of.
Although, Wisconsin among other states in the U.S, was the first to buy Bitcoin ETF for use in its pension fund earlier in 2024 when spot ETF was launched, it is however clear that Texas as a state is the first state to fund their own strategic Bitcoin reserve.

This may not be speculative enough to drive the price of Bitcoin upwards, but it is a proof that Bitcoin and crypto currencies is here to stay and have a long lasting impact on the U.S economy and for other world economies that chose to adopt it beyond just individual use.

[adaseb]

Well of course its not going to have a huge impact on the price because its only $10MM, however what is more important is not the value amount but the fact that an actual state government has decided to invest in Bitcoin. This is big in my opinion.

All it takes is one state to start and others will follow. Only State that I dont see following might be California since they really dont like Trump or anything that Trump touches. However eventually this should lead to more adoption because more people will see it as a safe investment and they will add more BTC to their portfolios. So I think this is a great start.

[Betwrong]

Yeah, looks like Texas bought the dip  
~

I think, it's a great news, great for Texas and for all bitcoiners in the world. It's always good for BTC when during a bear market someone decides to buy deep. As for Texas, I hope those who run the business won't panic-sell when BTC goes even deeper down, and will have the strength to wait with cashing out at least until a new ATH is hit.

[hugeblack]

Does this mean they bought Bitcoin or did they buy Bitcoin shares through the BlackRock IBIT ETF?

The difference between them is significant. Buying and holding Bitcoin represents positive news (it would have led to a price increase if this news had come a month ago), but overall, the outlook for Bitcoin has become good.

[Majestic-milf]

Will other states follow Texas' lead?

I hope so. When the other 49 states get word of the bold step Texas has taken, hopefully it would incite them to join the trend because it's  one thing to pass it into legislation like New Hampshire and Arizona has done and it's another to take the step like Texas. Baby steps but it's progress all the same. Texas has seen the light!

[KiaKia]

I watched a video online related to this texas news but mind you this money isn't that huge compared to what we have seen in the past.

Something else caught my attention, too the whales buying Bitcoin have suddenly increased in huge numbers, something we have seen last in 2020 COVID period.

I think we are going to have a big Xmas rally and everything else will have to follow Bitcoin, including those shit coins too, if you are in loss in altcoins this could be the time to plan your exit strategy.

[hopenotlate]

I watched a video online related to this texas news but mind you this money isn't that huge compared to what we have seen in the past.

Definitely agree it is not big money but is indeed a huge signal sent out there  and I guess man will follow sooner or later.
I feel like Bitcoin strategic reserve for countries is something unavoidable , just the size and the percentage of money invested in it might change from country to country depending on their political and economical views and risk appetite. Some more conservative countries might be more reluctant to try it and they will try with little sizes, the ones with a greater foresight and perhaps more openminded leaders could go bigger in it.

[Free Market Capitalist]

This is great news but it does not seem to have had a positive impact on the price at the moment.

I agree that it's great news, but $10 million is nothing for a market cap of a couple of trillion. There have been weeks when Strategy X bought a billion or two and the price went down. The positive thing is that we may have seen the beginning of a bitcoin accumulation race among states and countries.

[Rruchi man]

Will other states follow Texas' lead?

Is it possible that some other states have been buying bitcoins secretly and Texas is just the first state to make theirs a public announcement?

Who is seeing the same possibility?

[Die_empty]

Will other states follow Texas' lead?

New Hampshire and Arizona have made laws to establish a Bitcoin reserve but none of them have bought so far. Maybe these two states might be the next to buy. There are still other states that have made significant progress in enacting Bitcoin reserve laws. You can see them in State Reserve Race

.
It's another news that Texas had just bought with such amount but yet we're not still seeing it significant.

The Bitcoin market is so massive that I don't think that $10m investment will have any impact on the price. The news of states in the US buying Bitcoin has always been around, and investors have gotten used to it. So it might not determine investors' sentiment.

[hopenotlate]

Is it possible that some other states have been buying bitcoins secretly and Texas is just the first state to make theirs a public announcement?

Who is seeing the same possibility?

I don't think it's possible to buy Bitcoin with public money without first having completed the necessary authorization and administrative steps : I mean I believe that it is not possible to proceed with purchases or financial transactions with taxpayers' money arbitrarily and without having gone through the usual procedures.

[Marvell1]

Is it possible that some other states have been buying bitcoins secretly and Texas is just the first state to make theirs a public announcement?

Who is seeing the same possibility?

I don't think it's possible to buy Bitcoin with public money without first having completed the necessary authorization and administrative steps : I mean I believe that it is not possible to proceed with purchases or financial transactions with taxpayers' money arbitrarily and without having gone through the usual procedures.

Exactly, that is impossible. Especially in countries where power is divided according to the principle of separation of powers like the United States. All decisions on budgets and public spending are subject to very strict legal processes, requiring the consensus and supervision of legislative, executive, and judicial bodies.

The conspiracy theory that there are countries or central banks secretly buying Bitcoin is unrealistic because most of their legal and constitutional frameworks are very strict.


This conspiracy theory can only be used in communist countries like China, where power is concentrated in one person. It cannot be applied to countries where power is divided according to the model of separation of powers.

[philipma1957]

Will other states follow Texas' lead?

Is it possible that some other states have been buying bitcoins secretly and Texas is just the first state to make theirs a public announcement?

Who is seeing the same possibility?

Doubt this very much.

Only 3 states can do it legally.

The other states would be doing a crime.

Look if states wanted to they could pass laws and buy it. They obviously do not trust the asset.

Give Texas credit and hope New Hampshire buys a few coins next.

[Lucius]

Does this mean they bought Bitcoin or did they buy Bitcoin shares through the BlackRock IBIT ETF?
~snip~

The OP clearly states that it is the latter, with a note that there is a possibility that it will change in the future. At this point, it's completely irrelevant, because 100+ BTC is literally a drop in the ocean - and whoever was targeting the dip could have done much better and saved some money if they had bought just a few days earlier.

[Zlantann]

Will other states follow Texas' lead?

Is it possible that some other states have been buying bitcoins secretly and Texas is just the first state to make theirs a public announcement?

Who is seeing the same possibility?

Doubt this very much.

Only 3 states can do it legally.

The other states would be doing a crime.

Look if states wanted to they could pass laws and buy it. They obviously do not trust the asset.

Give Texas credit and hope New Hampshire buys a few coins next.

This can't be true because the state government is mandated by the law to publish its financial reports. This entails that they cannot buy Bitcoin secretly. Bitcoin reserve bills have been getting setbacks because they are not getting majority support from state legislators. Texas has is now setting the pace, maybe other might take the bold step.