Drake Highlights Bitcoin Volatility in New Song as Texas Establishes State Reserve

Grammy-winning artist Drake has released a new song titled What Did I Miss? that draws a parallel between his tumultuous love life and the volatile nature of Bitcoin. In the lyrics, Drake raps, “I look at this shit like a BTC, could be down this week, then I’m up next week,” highlighting the unpredictable swings in Bitcoin’s value. This is not the first time Drake has engaged with Bitcoin; in 2022, he placed a $1 million bet in BTC on the Super Bowl, demonstrating his interest in cryptocurrency beyond mere references in his music.

Drake’s lyrics underscore the growing presence of Bitcoin in mainstream pop culture. The digital asset is increasingly appearing in various forms of media, including music, television, and art. This trend suggests that Bitcoin is moving closer to widespread recognition and acceptance. However, according to a recent report, global Bitcoin adoption currently sits at just 4%, far below the forecast of 10% by 2030. This discrepancy indicates that while Bitcoin has made significant strides, there is still a considerable journey ahead for it to achieve mainstream adoption.

The report also notes that Bitcoin adoption is stronger in developed economies, where financial infrastructure and regulatory clarity are more robust. Institutional interest in Bitcoin has been rising, with firms like Strategy and Metaplanet holding it as a key treasury asset to guard against inflation and geopolitical uncertainties. Additionally, Bitcoin ETFs and other investment products have made it easier for both retail and institutional investors to gain exposure to the digital asset without the need for self-custody or direct onchain transactions.

Last month, Texas became the first U.S. state to establish a publicly funded Bitcoin reserve, marking a significant step toward mainstreaming digital assets at the state level. Governor Greg Abbott signed Senate Bill 21 into law, setting up a standalone Bitcoin fund overseen by Texas Comptroller Glenn Hegar. This fund operates entirely outside the state treasury, providing legal protections against routine fund reallocations. A companion bill, HB 4488, further secures the fund’s status, ensuring it remains intact regardless of future Bitcoin purchases. State Senator Charles Schwertner, the bill’s sponsor, argued that Texas should consider Bitcoin as it does land and gold, highlighting its performance over the past decade.

Texas’s move comes as other states pull back from similar plans. In May, Florida became the latest to drop crypto legislation, joining other states that have retreated from such initiatives. On the Federal front, President Donald Trump signed an executive order establishing a strategic Bitcoin reserve. This development underscores the growing recognition of Bitcoin’s potential as a strategic asset, both at the state and federal levels.