Happycoin.club – Texas has made history by becoming the very first U.S. state to directly acquire Bitcoin for its official strategic reserves. State authorities allocated $5 million towards the flagship crypto asset, achieving an average purchase price of $87,000 per coin. This sum represents just half of the total $10 million that Texas has earmarked for its nascent digital asset reserve.
The state’s acquisition of Bitcoin was executed through an investment in the largest fund, IBIT, managed by BlackRock.
Texas’s entry into the cryptocurrency arena occurs while Bitcoin is experiencing selling pressure. Over the past twenty-four hours, the leading digital asset has seen a 0.5% decline, currently trading near the $87,000 benchmark.
The decision by Texas to be the pioneer in investing in BTC did not surprise members of the cryptocurrency community. This particular state is widely recognized as the most aggressive participant in the digital assets space. Currently, 14 pieces of legislation pertaining to Bitcoin are under consideration by its governing bodies.
Texas is not alone in exploring the creation of digital asset holdings. New Hampshire and Arizona have also enacted legislation regarding BTC reserves. These statutes stipulate that the chosen cryptocurrency must possess a market capitalization exceeding $500 billion, a condition which effectively narrows the selection primarily to Bitcoin and Ethereum.
About the Author
