- The Texas Senate must confirm the House amendment to the SB-21 bill before it can proceed to the governor’s desk.
- On-chain data shows a supply shock has catalyzed Bitcoin’s bullish sentiment.
After the Texas Senate approved the Strategic Bitcoin Reserve (SB21) bill earlier in March 2025, the House passed it with a final vote of 101 to 42. Texas is now the third state in the country to pass an SBR bill in both the Senate and the House after New Hampshire and Arizona in the recent past.
The SB21 bill in Texas has to be vetted again by the Senate after the House amendment changed some statutory provisions regarding the market cap of crypto assets. Notably, the Texas House changed the market cap average of $500 billion from 12 months to 24 months.
According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund, there is a 99+ percent chance that the Texas Senate will approve the amendment to SB21. Meanwhile, the SB21 bill will soon be forwarded to the State Governor, Greg Abbott, who will have 20 days to either sign or veto the bill.
Impact of Texas SBR Bill Approval on Bitcoin
Currently, BTC is the only cryptocurrency to meet the set standards by the Texas SB21 bill. If the Texas Governor signs it into law, the overall impact on the Bitcoin market will be immense in the coming months and years.
Moreover, the adoption of Bitcoin by U.S. states will solidify it as a reliable digital gold amid economic turmoil. Already, Bitcoin price has enjoyed significant bullish sentiment fueled by rising demand from institutional investors and retail traders.
As Coinpedia reported, BTC price is well positioned to reach $150k before August, based on historical performance and current fundamentals.
Credit: Source link
