Texas Governor Abbott must sign the Bitcoin Reserve Bill SB 21 by June 22, or it will automatically take effect. The bill requires the establishment of a $500 billion Bitcoin reserve (currently only BTC qualifies), with the state auditor responsible for cold storage custody. The Texas legislature has passed it with a strong majority (25-5/101-42), and the governor has long supported the crypto industry, with a signing probability exceeding 90%.

Analysis by Qin:

Policy Impact: The implementation of the bill will catalyze 20 states to follow suit (New Hampshire has already followed), forming a synergy with Trump's Federal Reserve, accelerating the entry of sovereign capital;

Financial Risk: If BTC crashes by 30% (like the LUNA incident in 2022), it will lead to a shrinkage of tens of billions of dollars, and the annual electricity consumption for mining is equivalent to the total usage of Greece, intensifying energy conflicts;

Operational Strategy: After signing, increase holdings in mining stocks (RIOT) and compliant exchanges (COIN); if unexpectedly vetoed, switch to gold (GLD) for hedging. The key is whether BTC can break through $120,000 after the decision on Sunday.