Texas became the first US state last weekend to buy Bitcoin (BTC) with public funds.
But permission to buy Bitcoin, of course, does not mean that people will actually invest. In Texas, however, they don’t let grass grow over it. There would now have been $ 10 million to be cleared to buy the first bit of Bitcoin for the US state.
Gigantic step for Bitcoin
If that happens, that would be a huge step for Bitcoin. That would make Bitcoin even more intertwined with the United States. The more that interdependence increases, the greater the chance that Bitcoin will get more and more support at government level.
In addition, this of course works as a legitimizing for investors who may still have doubts about Bitcoin. It may well be that these kinds of actions persuade people to take a small bitcoin allocation.
In the business sphere we already see a convincing trend. That started in 2020 with Strategy, but now it is hundreds of listed companies that Bitcoin have on the balance.
From that perspective, it is almost strange that the Bitcoin course does not go through huge increases. The digital currency is bought by companies at the same time by billions, but the course cannot really break through.
That of course has to do with a piece of sales pressure. The sales pressure under ‘normal investor’ is probably relatively large at the moment. Otherwise we would have looked at a much higher Bitcoin course.
At the same time, there is a lot playing at geopolitics. Trump’s trade war is still going on, and the conflict in the Middle East did not help either.
We also see the economic figures in the United States weaken somewhat, causing concerns about the health of the economy.
All in all, this does not yield the ultimate climate for Bitcoin price increases.
Source: https://newsbit.nl/texas-gaat-als-eerste-amerikaanse-staat-bitcoins-kopen/
