₿ VanEck: State Bitcoin Bills Could Trigger Purchases of Over 247,000 BTC Once Enacted
A new study from VanEck found that if Bitcoin reserve bills are passed in U.S. states, it could result in $23 billion in Bitcoin purchases, equivalent to nearly 247,000 BTC. This does not include potential allocations to pension funds, and demand could increase further if lawmakers pass these proposals.
Imagine the huge purchasing power that would be unleashed if these bills were enacted! The core of the bill is to allow states to invest a portion of their fiscal reserves in Bitcoin. This is definitely not a small investment, and once implemented, the price of Bitcoin is likely to usher in another sharp rise.
When revealing the results of this analysis, Matthew Sigel, head of research at VanEck, specifically pointed out that the interest of U.S. states in including Bitcoin as a reserve asset is rapidly rising. This is undoubtedly a major trend worth paying attention to!
Speaking of specific states, Utah must be mentioned in particular. Their Bitcoin reserve bill passed the House Economic Development Committee on January 28 and is now waiting for the final vote of the Senate. If all goes well, Utah will become the first state in the United States to implement such a bill, which will be a milestone moment!
Not only Utah, but many other states are also actively following up. Like Missouri, Arizona, Oklahoma and Kentucky, they are all promoting similar bills. Especially Kentucky, which recently joined this big family and became the 16th state to propose Bitcoin reserve legislation. This series of actions shows that the potential status of Bitcoin in government reserves is gradually improving.
In short, once these state-level Bitcoin reserve bills are passed, it is expected to have an unprecedented impact on the Bitcoin market. Let's wait and see how this drama unfolds!
💬 Finally, are you ready to witness history? Do you think the Bitcoin reserve bills in these states can be passed one after another? See you in the comments section!
