Texas Goes Bitcoin Crazy: SB21 Passes and BTC Hits the Jackpot! 💰🎉

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Well, hold onto your hats, folks! In a day that will go down in history (or at least in the crypto history books), the Texas House has officially passed the Texas Strategic Bitcoin Reserve and Investment Act, affectionately known as SB21. And just to spice things up, Bitcoin (BTC) decided to throw a party of its own, hitting a jaw-dropping all-time high (ATH) of $111,900 early this Thursday morning. Talk about a double whammy! 🎊

Strategic Bitcoin Reserve Bill Moves To Governor

So, what’s next? The bill, which has successfully passed its critical House vote and third reading (cue the confetti), is now making its way to the Governor’s desk for the final stamp of approval. If he signs it, Texas will join the cool kids’ club of states with a Strategic Bitcoin Reserve, rubbing shoulders with New Hampshire and Arizona. Who knew crypto could be so exclusive? 😏

Authored by the ever-dashing state Senator Charles Schwertner, SB21 sets up a Bitcoin reserve managed by the state’s controller. Yes, you heard that right! The comptroller is now authorized to invest in cryptocurrencies with a market cap exceeding $500 billion over the past year. Because why not? 💸

State Representative Giovanni Capriglione, in a moment of pure legislative poetry, declared that this bill is a “pivotal moment in securing Texas’s leadership in the digital age.” He’s all about embracing modern assets that carry traditional value for future growth. Sounds fancy, doesn’t it? 📈

BTC’s Ascent To Record Levels

As if the legislative progress wasn’t enough, Bitcoin’s meteoric rise to record levels is like the cherry on top of this crypto sundae. The recent spike in Bitcoin’s price is riding the wave of optimism surrounding cryptocurrency legislation in the U.S. It seems that bipartisan support for a bill regulating stablecoins—those digital currencies that are pegged to the dollar—has everyone feeling giddy. 🎢

This newfound enthusiasm has sparked hopes for regulatory clarity in the cryptocurrency sector, which is a win-win for Bitcoin and its digital pals, even if they don’t have direct ties to the dollar. Who needs ties when you have Bitcoin? 🤷‍♀️

Moreover, Bitcoin’s rise can be attributed to a more favorable macroeconomic environment. As tensions between the U.S. and its trading partners have eased, investors are feeling bold and ready to take risks. And guess what? BTC is reaping the rewards! 🌍

On May 8, the cryptocurrency broke back through the symbolic $100,000 threshold, marking its first return to this level since February, thanks to a trade deal announcement between the UK and the U.S. It’s like a fairy tale, but with more numbers! 📊

This led to a whopping 24% gain for BTC in the monthly time frame, following a dramatic drop toward $74,000 last month. But wait, there’s more! During the same period, Bitcoin’s performance was outpaced by Ethereum (ETH), the largest altcoin in the market, which surged by 57% in the last 30 days alone. Talk about sibling rivalry! 😅

Unlike Bitcoin, however, Ethereum’s price is still 49% below its record high of $4,878, reached during the last bullish cycle in 2021. Currently, Ethereum is trading at $2,476. So close, yet so far! 🥲

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2025-05-22 15:21