Bitcoin Hits $102K: Texas Makes History, BlackRock Bets Big, and Riot Faces a Shocking Ultimatum

Bitcoin's price volatility this week showcased a beautiful range, reaching impressive highs of $102K and dipping to lows around $99K.

Bitcoin price بالا و پایین شد، تگزاس بیت کوین را به خزانه اضافه کرد و مایکروسافت پیشنهاد بیت کوین را رد کرد.

Bitcoin’s price volatility this week showcased a beautiful range, reaching impressive highs of $102K and dipping to lows around $99K.

The cryptocurrency market saw a slight downturn on Wednesday, with bitcoin’s price dropping below the $100K mark. However, the coin quickly recovered, trading back up in the six-figure range by Thursday.

This week’s price movements come as several institutions are showing increasing interest in bitcoin.

Activist investor Starboard has a stake in Riot Platforms, urging the bitcoin miner to diversify into AI and high-performance computing (HPC).

While Riot has engaged with Starboard, it remains focused on bitcoin mining, trailing competitors like Core Scientific that have embraced HPC partnerships.

Riot Platforms is currently listed as the third largest bitcoin miner in the world.

BlackRock is diving deeper into crypto, suggesting bitcoin should make up 1-2% of traditional 60/40 portfolios. Thanks to its low correlation with traditional markets, they’re framing it as a potential diversifier, even though its extreme volatility means it’s not without risks.

With institutional interest booming and BlackRock running the world’s largest Bitcoin ETF, the company seems ready to ride the wave of growing demand and rising prices.

Elsewhere in the Lone Star State, a bill was filed to create the Texas Strategic Bitcoin Reserve, which would allocate a portion of the state’s general revenue fund to bitcoin. The bill defines bitcoin as a “digital financial asset” and sets up a special fund for the state to hold bitcoin.

The bill aims to boost fiscal security and promote innovation in digital finance, allowing Texans to donate bitcoin to the reserve, which will be held for at least five years before any potential use or conversion.

The bill also ensures strong security measures, bans foreign and illegal transactions and requires regular updates on the reserve’s growth and activities. On top of that, it allows state agencies to accept cryptocurrencies, which will be converted to bitcoin and added to the reserve.

The bill was filed by Republican State Representative Tan Parker and is awaiting further discussion and a vote in the Texas House of Representatives.

In other crypto news this week, Microsoft shareholders rejected a proposal to consider adding Bitcoin to the company’s balance sheet, following the board’s recommendation to steer clear of crypto’s volatility.

The idea, championed by the National Center for Public Policy Research and supported by MicroStrategy’s Michael Saylor, pitched bitcoin as a potential inflation hedge and a way to diversify assets.

In October, Microsoft told investors that the National Center for Public Policy Research, a conservative think tank, planned to propose this idea to the board, highlighting their push for bitcoin adoption.

The proposal called on Microsoft to evaluate adding bitcoin to its balance sheet within six months and report back to shareholders on the decision. It also suggested considering other cryptocurrencies and digital assets in the future.

Despite Saylor’s confident pitch at the meeting about bitcoin’s long-term potential and urging shareholders to vote for the proposal, it ultimately failed to gain enough support.

Still, the National Center for Public Policy Research isn’t planning to give up on crypto. According to the organization, it’s already in talks with other large U.S. companies to propose similar proposals at their upcoming shareholder meetings.