The Texas Senate is expected to hold a public hearing on February 18 to discuss the establishment of a Bitcoin reserve fund. However, according to analysts, this move may be more symbolic than a practical step, unless the state immediately announces a specific investment plan.
According to information from the Texas government, the first hearing on the establishment of a strategic Bitcoin reserve fund will take place on February 18, less than a week after the bill was transferred to the Office of the Senate Secretary.
Although this is seen as a positive signal for the Bitcoin adoption process, Iliya Kalchev, an analyst at Nexo, believes that this event may not have a significant impact on the crypto market.
"Texas' consideration of Bitcoin as a reserve asset is an important step in the institutional recognition of Bitcoin. However, state-level initiatives usually only have limited impact compared to flows from ETFs or corporate strategic investments," Kalchev shared.
He emphasized: "Unless the hearing announces plans to purchase BTC in the near future or introduces a major policy change, the market reaction may not be too strong, as Texas' crypto-friendly stance is already widely known."
Although a state, Texas has a GDP of ~$2.4 trillion and a per capita GDP of ~$80,000, much higher than Vietnam's GDP of ~$476 billion and per capita GDP of ~$4,700. If Texas were an independent country, it would rank 10th in the world, surpassing Brazil with a GDP of $2.1 trillion.
The BTC market has not been able to break out, with the price continuously maintaining below the psychological threshold of $100,000 for more than nine days since February 7.
In the short term, BTC may continue to face pressure from the trade tensions between the US and China, according to Vugar Usi Zade, director of the Bitget exchange.
"As trade tensions persist, especially in the context of President Donald Trump considering further tariff increases, BTC has shown remarkable stability," Zade commented. "However, with the US being the world's largest capital market, geopolitical risks could continue to pose significant challenges for BTC."
Additionally, the monetary policy of the US Federal Reserve (Fed) remains the most influential factor on BTC's outlook. According to Kalchev:
"The crypto market tends to react based on expectations, and while this hearing may reinforce the long-term Bitcoin adoption narrative, macroeconomic factors such as Fed policy and changes in the regulatory framework are still the key drivers of BTC's trend."
The trend of establishing a Bitcoin reserve fund is not limited to Texas. Previously, on February 6, Kentucky became the 16th US state to propose a bill allowing the allocation of up to 10% of surplus financial reserves to digital assets. This reflects a broader shift in the economic and policy thinking of US states towards BTC and cryptocurrencies.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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