Currently, 26 states in the U.S. have introduced Bitcoin reserve bills. Since Trump publicly announced the crypto strategic reserve, state-level bills have evolved from political slogans to institutional rights confirmation.

Utah's HB0230 bill proposing a 5% public fund allocation to BTC is about to pass the Senate, while Arizona is even more radical—allowing the state treasury to allocate 10% of funds to BTC and NFTs. Local governments' 'financial self-rescue' has shifted from gold to digital assets.

State-level reserves essentially represent sovereign-level lock-ups. According to VanEck's calculations, if 20 states pass the bills, 247,000 BTC (accounting for 1.18% of circulation) will be long-term frozen—equivalent to consuming two years of new supply post-halving, compounded by continuous ETF accumulation, making the supply-demand gap a foregone conclusion.

For cryptocurrency investors, this policy not only enhances market confidence in Bitcoin's future value but may also attract more traditional financial institutions and investors into the space.

Policy arbitrage is giving rise to a crypto federalism: Red states like Texas and Florida are vying for economic discourse power through BTC reserves, even allowing taxes to be paid in BTC. This interstate competition will force the federal government to accelerate legislation, forming a bottom-up compliance path.

The Trump administration has designated 200,000 confiscated BTC as national reserves. In the future, states can follow suit by using confiscated assets to exchange for BTC holdings, avoiding fiscal disputes while indirectly increasing their holdings.

State-level bills mandate BTC cold storage for at least 20 years, mirroring the gold strategic reserve.

Overall, the proactive actions of various states not only reflect an increasing acceptance of cryptocurrencies by local governments but also provide a testing ground for federal policy-making. As more states pass similar bills, the federal government's stance will gradually become clearer.

However, this trend also raises a series of thought-provoking questions, such as the extreme price volatility of Bitcoin, which poses significant challenges for reserve management. Imagine if a state reserves a large amount of fiscal funds in Bitcoin, and the Bitcoin price suddenly plummets; what impact would that have on the state's financial situation?

From a market perspective, this is undoubtedly a positive development for long-term investors. It represents a re-evaluation of BTC's value by sovereign capital. We are witnessing the first-ever direct confrontation between sovereign-level computing power and the fiat currency system. Where this leads us remains to be seen!

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