This bash script is similar to the cat GNU tool but it will interpret escape codes as it prints. This allows for you to use bash escape codes to make rich text files.

bcat

#!/bin/bash
while read -r; do
  printf "%b\n" "$REPLY"
done < $1
printf "\e[0m"

test.bet

\e[38;5;5;4;1mWhat is a BET file?\e[0m
A BET text file is much like an ordinary text file except that it may contain 
bash escape codes. These codes allow for various formatting options when output 
to a bash terminal or viewed from a viewer application. It isn't nearly as nice 
to look at in raw form as a markdown file but because it can be displayed, 
formatted, directly in your terminal that isn't going to be a big issue for 
people who just want to read your files. When you write them you'll probably 
want to use a purpose built editor anyway.

\e[38;5;3;4mSome Sample Formatting\e[0m
\e[38;5;5m pink\t\t\e[38;5;78mTeal
\e[38;5;15m white
\e[1m\e[38;5;46m bold green\e[0m
\e[38;5;46m green
\e[38;5;21m blue
\e[38;5;3m yellow