The Texas Senate is all set to hold a public hearing, tomorrow, to discuss creating a Bitcoin reserve. However, market analysts believe that the move may be symbolic unless the state announces a clear investment plan.
The first public hearing for the establishment of a potential strategic Bitcoin reserve in Texas is scheduled for Feb. 18, less than a week after the bill was received by the Secretary of the Senate, as per the Texas government’s website.
“A Symbolic Move”
Despite being a positive step for Bitcoin adoption, the hearing may only represent a ‘symbolic move’ for cryptocurrency markets, according to Iliya Kalchev, dispatch analyst at Nexo.
“Texas considering Bitcoin as a reserve asset is another chess move in BTC’s march toward institutional legitimacy, but state-level initiatives often make ripples, not waves, compared to ETF inflows or corporate treasury allocations,” Kalchev noted.
Kalchev pointed out that unless Texas announces specific actions, like buying Bitcoin soon or a major policy shift, the market won’t react strongly. This is because Texas is already known for its pro-crypto stance, and hence the news itself won’t be surprising.
Lately, Bitcoin has lacked upside momentum, trading under the $100,000 for over nine days since Feb. 7. COO of Bitget, believes that Bitcoin will continue to face pressure in the short term due to the ongoing trade tensions between the US and China.
Upcoming Events Could Reignite Interest
Nevertheless, Key events this week like the upcoming FOMC minutes could reignite the markets. The Federal Reserve will release the minutes from its January meeting on Wednesday, where it decided to keep interest rates steady. Besides, Trump’s tariffs are also adding inflationary pressure.
While the positive developments surrounding Bitcoin reserve legislation signal growing institutional adoption, Kalchev noted that macro forces like fed policy and regulatory shifts will ultimately shape Bitcoin’s trajectory.
Texas’ push for a Bitcoin reserve marks a significant shift in both economic and political landscapes, with other states following suit. Kentucky, for example, has become the 16th state to propose legislation that would allocate up to 10% of excess state reserves into digital assets. These moves highlight the growing trend toward crypto adoption across the U.S.
