Unchained How Texas Got Bipartisan Support to Buy $10 Million Worth of Bitcoin - Ep. 859
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Jun 27, 2025 In this discussion, Lee Bratcher, the President and Founder of the Texas Blockchain Council, reveals the groundbreaking $10 million strategic Bitcoin reserve initiated by Texas. He shares insights on the bipartisan support that made it possible and explores the rationale behind the specific funding amount. Bratcher emphasizes the crucial roles of custody and compliance and speculates on whether other states might follow Texas's lead. He also discusses the competitive landscape for Bitcoin custodians and the implications for public Bitcoin ownership across the U.S.
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Genesis of Texas Bitcoin Reserve
- The idea for Texas' $10 million Bitcoin reserve began years ago with conversations involving state officials and Bitcoin community members.
- It evolved from a trust concept to a legislative bill with strong bipartisan support and a meaningful appropriation.
Why $10 Million Matters
- Texas settled on $10 million as a conservative, meaningful amount that causes negligible budget impact.
- This amount allows understanding technology risks while aligning with Texas' budget surplus management.
Custody and Compliance Priority
- Texas seeks custody of actual Bitcoin, preferably with held private keys through qualified custodians or multi-sig setups.
- Custody and compliance are key, with popular custodian candidates including Coinbase, Anchorage, Kraken, and Unchained Capital.
