Texas takes the leap and buys Bitcoin

So Texas just bought the dip, huh

Nice news but why hasn't it affected the price? I thought other states had already bought Bitcoin before. Maybe we’re getting numb to this kind of news. Or could it be that folks need cash for Black Friday sales and that’s dragging the market down?

Yeah, I noticed a lot of places like Strategies are buying in during this downturn. We thought that would help the market, but it keeps going down. It’s like there are more sellers than buyers right now. Texas buying is cool but not making waves... Maybe it just needs time to show an effect?

Things are shifting a bit, though. Over 500,000 BTC have been moved off exchanges in the last week. That’s a lot of BTC changing hands. So, some good vibes in the air, tbh.

So far, three states have bitcoin reserve laws New Hampshire, Arizona, and now Texas. But only Texas is actually buying. The others just use seized assets. $10 million isn’t much to move the market, but it could spark more states to follow.

This is huge for Bitcoin’s future! States are starting to hold Bitcoin now. Texas is the first to use its own funds, which is a big deal. Even if Wisconsin bought Bitcoin ETFs for pensions, Texas is leading the way here.

True, the amount isn’t massive, but it’s a significant step. One state taking the plunge could lead others to follow. Can't see California joining in though, they’re not fans of anything Trump-related. Still, this could change minds about Bitcoin.

Totally agree! It’s a win for Texas and all the Bitcoin fans out there. Always good to see someone buying during a bear market. Just hope they don’t panic-sell if the price drops more. Gotta hold until it hits ATH again!

Did they actually buy Bitcoin or just invest in the BlackRock ETF? There’s a big difference. Buying and holding is great news, but it would have been big if this had happened a month ago.

I hope this does inspire other states. Texas is leading the charge, and maybe the others will follow. It’s one thing to have laws, but another to actually buy Bitcoin. Baby steps, but progress!

Saw a video about this, but honestly, $10 million isn’t that impressive compared to past buys. Plus, whales are getting back into Bitcoin, like we saw back in 2020. I’m betting on a Christmas rally!

Couldn’t agree more. It’s not huge cash, but it's a big signal. I think Bitcoin reserves for countries will become a thing, just the amounts will vary greatly depending on each country’s approach.

I’m with you. It’s awesome news but $10 million doesn’t shake the market much. Some states might be quietly accumulating Bitcoin, though.

Right? New Hampshire and Arizona have laws but haven’t bought yet. They might step up next. Still, $10 million from Texas isn’t going to make waves in a multi-trillion market.

I don’t think it’s possible to use public funds for Bitcoin without proper authorization. There are usually strict rules around spending taxpayer money.

Exactly! There are laws that prevent secret purchases. The government has to be transparent with financial moves. Texas is now setting an example.

No way, that’s not true. Only a few states can legally do this. Other states could get in trouble if they tried to buy Bitcoin.

The OP says they bought shares, not actual Bitcoin. But honestly, 100+ BTC is just a drop in the bucket. Could’ve bought cheaper if they timed it better.

I doubt they can buy Bitcoin secretly. There’s too much oversight in the government. Still, Texas is making a bold move, and maybe others will follow.

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.