Texas has become the first state to purchase Bitcoin (BTC) as a hedge against inflation. Lee Bratcher, the President of the Texas Blockchain Council announced that the state bought $5 million worth of Bitcoin on November 20, 2025.
Notably, the State announced that it allocated half of the budget meant to purchase Bitcoin to BlackRock’s IBIT. The state scooped its BTC holding at an average price of $87k
Texas Doubles Down on Bitcoin
Texas has aligned with President Donald Trump’s commitment to make the United States the global crypto hub. The State has been implementing a strategic Bitcoin treasury through the proper legal channels year-to-date.
Under Governor Greg Abbott, Texas has transformed into a crypto-friendly state leading other states peacefully. The state is currently only allowed to invest in Bitcoin since the law states that the average market capitalization over the prior 24 months must exceed $500 billion.
Why is the BTC Price Still Down?
Bitcoin price has suffered low bullish momentum as more whale traders remain reluctant to buy the dip. However, CryptoQuant’s analysts believe that the Bitcoin price has already formed a local bottom and is well-positioned to rebound in the near future.
CryptoQuant noted that although Bitcoin holders with more than 10k and those with between 100 and 1k in account balance have been accumulating, the group of Investors with between 1k and 10k coins has been distributing. As such, until Bitcoin price consistently closes above $92k, a more choppy outlook is likely in the near term.
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