Texas has become the first state to purchase Bitcoin (BTC) as a hedge against inflation. Lee Bratcher, the President of the Texas Blockchain Council announced that the state bought $5 million worth of Bitcoin on November 20, 2025.
Notably, the State announced that it allocated half of the budget meant to purchase Bitcoin to BlackRock’s IBIT. The state scooped its BTC holding at an average price of $87k
Texas has aligned with President Donald Trump’s commitment to make the United States the global crypto hub. The State has been implementing a strategic Bitcoin treasury through the proper legal channels year-to-date.
Under Governor Greg Abbott, Texas has transformed into a crypto-friendly state leading other states peacefully. The state is currently only allowed to invest in Bitcoin since the law states that the average market capitalization over the prior 24 months must exceed $500 billion.
Bitcoin price has suffered low bullish momentum as more whale traders remain reluctant to buy the dip. However, CryptoQuant’s analysts believe that the Bitcoin price has already formed a local bottom and is well-positioned to rebound in the near future.
CryptoQuant noted that although Bitcoin holders with more than 10k and those with between 100 and 1k in account balance have been accumulating, the group of Investors with between 1k and 10k coins has been distributing. As such, until Bitcoin price consistently closes above $92k, a more choppy outlook is likely in the near term.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The AVAX price prediction is flipping bullish as institutional money pours into Avalanche through the…
In a recent Onchain Economy episode, Michael Arrington doubled down on a long-standing belief that…
The Coinbase Independent Quantum Advisory Council has published a blockchain and quantum position paper, detailing…
US Federal Reserve Chair nominee Kevin Warsh answered several questions today regarding cryptocurrencies, monetary policy,…
Crypto news today centers on two moves that reshape how traders think about timing. Strategy…
Ethereum price is trading at $2,307 with a modest rise of only 0.17% in the…
