Bitcoin Rebounds Strongly! Texas Plans to Invest in Digital Assets, Driving Prices to $82,923

Bitcoin Rebounds Strongly! Texas Plans to Invest in Digital Assets, Driving Prices to $82,923

Bitcoin prices surged by 7.35% today (March 12), reaching $82,923, after plunging to $76,000 yesterday (March 11). Meanwhile, Ethereum (ETH) rose by 5.6%, and Solana (SOL) jumped 10%.

📊 The U.S. stock market also saw gains, with the Nasdaq index up by 1.25% and the S&P 500 increasing by 0.4%.

Texas Prepares to Invest in Bitcoin as a State Reserve
According to a report from Cointelegraph, the Texas House of Representatives is considering new legislation that would allow state agencies to hold Bitcoin as an economic reserve asset, with an investment cap set at $250 million.

🏙️ Additionally, municipalities and counties in Texas would also be permitted to invest in digital assets, but their investments would be limited to a maximum of $10 million per entity to mitigate market volatility risks.

📜 This bill was introduced on March 10 by Ron Reynolds, a member of the Texas House of Representatives. It follows the Texas Senate's approval of legislation on March 6 to establish a strategic Bitcoin reserve fund for the state.

💡 This move reflects a growing trend among U.S. states to explore cryptocurrency as a reserve asset, aiming to diversify economic risks and adapt to the increasing global acceptance of digital assets.