The claim of a $1,700,000 Bitcoin price is a speculative prediction. While some analysts and enthusiasts have made long-term price forecasts in this range, it is not an official forecast from a major financial institution. The core of this kind of discussion often centers on the confluence of major institutional involvement and political support for Bitcoin.

The "big news" you're referring to likely relates to two separate but significant developments:

1. BlackRock's Role in Bitcoin
BlackRock, the world's largest asset manager, has been a major player in the institutional adoption of Bitcoin. The key development here is the launch of the iShares Bitcoin Trust (IBIT), a spot Bitcoin Exchange-Traded Product (ETP).

Institutional Inflow: IBIT allows institutional and retail investors to gain exposure to Bitcoin through a traditional brokerage account, bypassing the complexities of direct ownership, such as self-custody and security. Since its launch, IBIT has attracted significant inflows, making it one of the fastest-growing ETFs in history.

Legitimization: BlackRock's entrance into the market has been seen by many as a major step toward legitimizing Bitcoin as a mainstream asset class. Their involvement, along with other financial giants, signals that Bitcoin is being integrated into traditional finance.

Price Impact: The massive capital flowing into these products from institutional investors has had a noticeable impact on Bitcoin's price, contributing to its rise.

2. Texas's Role in Bitcoin
Texas has become a major hub for the Bitcoin ecosystem, particularly in the realm of Bitcoin mining. The state is known for its pro-crypto policies, which have attracted some of the largest mining companies in the world.

Energy and Infrastructure: Bitcoin mining companies have been drawn to Texas due to its deregulated energy market and abundant access to renewable energy sources like wind and solar. This has led to the development of massive mining facilities.

Grid Stability: Bitcoin miners in Texas often participate in demand-response programs, where they agree to shut down operations during periods of high demand to stabilize the power grid. This relationship has led to a symbiotic connection between the energy sector and Bitcoin.

Political Support: Lawmakers in Texas have generally been supportive of the cryptocurrency industry, seeing it as a source of economic growth and innovation. This political backing provides a favorable environment for crypto businesses to operate and expand.

The Connection: BlackRock + Texas
While BlackRock's IBIT is a global product, and the Texas mining scene is a localized phenomenon, they represent two halves of the same story: the increasing institutionalization and acceptance of Bitcoin. BlackRock provides the financial vehicle for institutions to invest, while Texas provides a physical home for a large part of the network's infrastructure. Together, these forces contribute to a narrative of Bitcoin's growing importance in both the financial and physical worlds.

In short, the "$1,700,000 Bitcoin" figure is a long-term projection fueled by the belief that this kind of institutional and political support will drive scarcity and demand, potentially leading to a massive increase in Bitcoin's value over time.