A Game Changer or Symbolic Move?
The Texas Senate will hold a public hearing tomorrow to discuss creating Bitcoin reserves. However, market analysts believe the move may be symbolic unless the state announces a clear investment plan.
The first public hearing on Texas’s establishment of potential strategic Bitcoin reserves is scheduled to take place on February 18, less than a week after the Senate Secretary received the bill, Texas government website.
“Symbolism”
Despite the positive step in adopting Bitcoin, the hearing may represent only a “symbolical move” in the cryptocurrency market, said Iliya Kalchev, Dispatch analyst at Nexo.
Kalchev noted: “Texas believes that Bitcoin is a reserve asset is another chess game for BTC to move towards institutional legitimacy, but state-level plans often cause waves compared to ETF inflows or corporate finance part allocation. , not waves.”
Karchev noted that the market will not react strongly unless Texas announces specific actions, such as soon as a purchase of bitcoin or a major policy shift. This is because Texas is already known for its pro-Claputo position, so the news itself is not surprising.
Recently, Bitcoin lacks momentum to rise, with Bitcoin below $100,000 in nine days since February 7. Bitget’s chief operating officer believes Bitcoin will continue to face pressure in the near term due to ongoing trade tensions between the United States and China.
Upcoming events may rekindle interest
despite this, Key Events of the Week LIKE’s upcoming FOMC minutes may reignite the market. The Fed will release minutes at its January meeting on Wednesday and decide to keep interest rates stable. In addition, Trump’s tariffs have also increased inflationary pressure.
Despite positive developments around Bitcoin reserve legislation, Karchev noted that macro forces such as Fed policy and regulatory shifts will ultimately shape the trajectory of Bitcoin.
Texas’s struggle for Bitcoin reserves marks a major shift in the economic and political landscape, and other states follow it. Kentucky, for example, has become the 16th country to propose legislation that can allocate up to 10% of state reserves to digital assets. These moves underscore the growth trend of cryptocurrency adoption across the United States
