🔥 A total of 20 US states are pushing for Bitcoin reserves, with several bills gaining traction. If these bills pass, it could result in $23 billion worth of Bitcoin purchases, creating strong demand.
Interestingly, since President Trump proposed a National Bitcoin Reserve, several states have begun to implement their own. Matthew Sigel, Head of Digital Asset Research at VanEck, analyzed these state proposals and their potential impact.
“We looked at 20 state-level Bitcoin reserve bills. If enacted, they could result in 247,000 BTC being purchased, worth $23 billion. This figure does not include pension fund investments, which could further increase demand,” Sigel noted.
Notably, these bills in Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania propose varying amounts of bitcoin allocations from the general fund, the stabilization reserve, and the state treasurer’s account.
Several states are eyeing large investments in Bitcoin, with Arizona proposing as much as $8.7 billion and Florida planning $3 billion. Missouri has introduced a bill that could allocate more than $1.7 billion to Bitcoin.
However, not all states have shared specific funding amounts, making it difficult to predict the overall impact on the market, he shared. Sigel pointed out that North Dakota’s proposal lacked detail, and some states like Pennsylvania have seen their bills fail.
Sigel said the $23 billion estimate may be an underestimate because some states have not disclosed how much they plan to invest. Since the amount of investment from some states is unknown, the actual total could be higher than the current estimate.
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