According to Cointelegraph, the government website of the U.S. state of Texas has announced that the first public hearing on the potential establishment of a strategic Bitcoin reserve in Texas will be held on February 18, less than a week after the bill was received by the Senate Secretary. While this is a positive step for Bitcoin adoption, according to Iliya Kalchev, a scheduling analyst at the cryptocurrency lending platform Nexo, this hearing may only be a "symbolic gesture" in the cryptocurrency market. Kalchev stated: "Texas' consideration of using Bitcoin as a reserve asset is another step in Bitcoin's journey towards institutional legitimacy, but state-level initiatives often only ripple rather than make waves compared to ETF inflows or corporate treasury allocations. Unless the hearing announces near-term purchase plans or major policy shifts, the market's reaction may be relatively muted, as Texas' support for cryptocurrencies is already widely known."
Texas to hold first public hearing on establishing Bitcoin reserve on February 18
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