For a while, it looked like the Bitcoin revolution was starting to wane. The price started going down, and folks assumed it would fade, much like crimped hair and Zubaz pants.
However, Bitcoin isn’t going away anytime soon, and Texas just became he first state in the U.S. to purchase Bitcoin for itself.
According to the Dallas Morning News, the Lone Star State recently purchased about $5 million worth of bitcoin through a BlackRock-administered exchange-traded fund, for the first-ever cryptocurrency transaction conducted by a state government.
Lee Bratcher, president of the Texas Blockchain Council, a crypto lobbying group, commented following the transaction, “The industry is maturing and growing — it’ll continue to become more mainstream, and I think Texas staking out a leadership position will be very beneficial to Texans over time, similar to what the oil and gas industry has done over the last century.”
The state hopes that the purchase will act as a major step toward integrating Bitcoin into long-term treasury planning, as well as improving diversification.
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