Steaks. Big belt buckles. Ten gallon hats. 

We have certain associations when we hear the word, “Texas,” and Bitcoin isn’t one of them... yet.

But it would seem that the fine people of Texas have a plan to make Bitcoin as ubiquitous as long-horned cattle or conceal and carry gun permits.

Let’s journey down to Texas today and learn a little about crypto’s future in the Lone Star State. For those that don’t remember the Alamo are doomed to repeat it.

Espresso Shots

☕️ Bittrex Shuts Down US operations 🇺🇸 ❌

Bittrex U.S., in an unexpected turn of events, has shut itself down.

Due to growing concerns about incompatibility with U.S. regulations, Bittrex got ahead of a potential shut down and voluntarily ceased U.S. operations.

This came after a suit last Monday from the CFTC, alleging that Bittrex violated trading and derivatives rules.

This isn’t the first time that Bittrex has run afoul of U.S. regulators, last year Bittrex paid the U.S. government $29 million in a settlement regarding sanctions violations in Iran, Cuba, and Syria.

But it would seem that this latest suit was the final straw. Bittrex US customers now have until the end of the month to move their funds off the exchange. 

Bittrex CEO Richard Lai published an open letter on Twitter explaining the move:

“In the end, we made great strides toward accomplishing our goal of maturing the crypto space. However, operating in the U.S. is no longer feasible…”

We're now turning our eyes to Pete Davidson to see if he finally shuts himself down before the whole thing ends in tragedy.

☕️ US Government Sells Silk Road Bitcoin 💰 💸

The American government has liquidated $215 million in Bitcoin that was seized from the Silk Road.

The Bitcoin was seized as a part of the case against Silk Road founder, Ross Ulbricht, who was sentenced to life in prison for creating the Ebay of the dark web.

The Feds have admitted that they still have 41,490 BTC left, approximately $1.1 billion, which they intend to sell in installments over the course of the year.

If they keep selling seized Bitcoin at this rate, the American government proudly boasted, the national debt will soon be a mere $31 trillion.

☕️ Trump NFTs Spike 📈 🚔

In the least surprising market reaction of all time, the indictment and looming arrest of the former President has caused his NFTs to spike.

The Trump Trading Cards, which had a precipitous crash in January and seemed to be slumping in March, saw a flurry of activity in the 24 hours following the announcement of Trump’s indictment.

The floor price popped up 24% and the secondary trading rate went up 40%. $184,000 worth of Trump NFTs were traded in just that 24 hour period. In total, the Trump Trading Cards have undergone almost $19 million in trading volume.

It’s a very simple rubric. Trump does something insane and the price and trading volume of his NFT collection rises accordingly.

But we can’t wait to see how the NFT market reacts when the liberals put Trump in a stockade.

Spilling the Beans

Bitcoin is Bigger in Texas 🌵

America is known to be pretty yee-haw.

Whether that’s our penchant for firearms, war, or that we defined what a cowboy should look like, America is regarded by the world with a logical mix of awe, fear, and trepidation.

And no part of America is more yee-haw than Texas. Texas has always had a rebel identity.

Whether that’s literally becoming a rebel state in the Civil War, decades of threats to secede from the US (again,) or even the very apt slogan thought up by the Texas board of tourism:

“Texas, It’s Like a Whole Other Country.”

And Texas is almost another country. There’s a certain rebel pride in Texas that really can’t be found anywhere else.

So, with the region’s well established fascination with rebellion, it makes sense that Bitcoin might appeal to Texans.

The decentralized nature of cryptocurrency is as much about individual freedoms as it is anti-big-government. In a way, crypto and Texas seem like a match made in heaven.

But other than the ideological appeal, the industrial side of Bitcoin mining was a perfect fit for the state.

Texas has long been home to America’s oil and gas companies. Those industries create quite a bit of run-off energy, such as surplus gas, that has to be vented or wasted.

Crypto mining actually solves that problem by using that excess energy and putting it toward Bitcoin mining.

Texas has led the way in implementing this strategy, with 27 state-sponsored Bitcoin mines and plans to construct more.

Texans love their Bitcoin. Which is why they want to make sure they’ll always have. Better yet, they want to make sure their right to own it is protected.

Last week, the Texas House of Representatives introduced a new bill, 88(R) HCR 89, to ensure that “no citizen of Texas will ever be deprived of their right to own Bitcoin.”

The federal government’s outlook on crypto is still… murky. 

So Texas lawmakers took matters in their own hands.

Parallels were drawn with the Chinese legislature that banned Bitcoin, and the Texas House of Representatives wanted to ensure that no such action would be possible in the Lone Star State.

The bill has yet to be passed, but if it does, Texas may get its wish and become a crypto hub, not just domestically, but internationally.

What is worth noting, is that a second bill was introduced, Senate Bill 1751, which was subject to its first hearing on March 28th.

This bill would remove the existing tax incentives for Bitcoin miners in Texas.

While this bill sounds punitive on the surface, Lois Kolkhurst, the State Senator behind the bill insists that this is largely about “right-sizing” Texas’s Bitcoin industry.

The industry is expected to experience such massive growth in the coming years, that the existing incentives for Bitcoin mining have become entirely redundant.

Bitcoin’s future in Texas looks bright and it would seem, for now, that crypto has finally found its home on the range.

Meme of the Day

Gone but not forgotten ✌️

Crypto 101

KYC (Know Your Customer): KYC is an industry term referring to the background checks that banks should run on prospective clients to ensure that they’re not a terrorist, criminal, or just all around bad guy. 

Anytime you’ve had to show a government ID in order to open an account somewhere, you’re likely going through a KYC process.

The Last Sip

You thought we were done with Texas cliches, but here’s a couple more things that Texas is known for!

1. Oil

2. Leather

3. Mexican Assassin Anton Chigurh going on a killing frenzy through the state that prompts Sheriff Ed Bell (played by Tommy Lee Jones) to feel like this just isn’t a country for old men anymore.

Stay Caffeinated,

Coffee & Crypto Team

That's all for today! If this email got you hooked on our unhinged crypto takes, be sure to get a full dose on Twitter @GetCoffeeCrypto.

If you find yourself smiling at any of our dumb jokes, or even *learning* something - make sure to share this newsletter with your friends!

If you get 10 friends to sign up - or even enemies, we don't care - we'll send you a swag box with some epic Coffee & Crypto merch! Just hit the Click to Share button in the section below to get started!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.