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If state-level strategic Bitcoin reserve bills are enacted, “they could drive $23 billion in buying or 247,000 BTC,” said VanEck’s dead of digital assets research, Matthew Sigel, on Feb. 12.
“This sum is independent of any pension fund allocations, likely to rise if legislators move forward,” he added before stating that the $23 billion was a conservative figure, given the lack of details.
Big Bitcoin Buying Pressure
The analysis delved into the status of proposed legislation in 20 US states and estimated the potential investments that they could make if the bills were approved.
There was no date for Ohio, Illinois, Missouri, or Maryland, while North Dakota was the only state to have rejected a strategic Bitcoin reserve proposal.
We analyzed 20 state-level Bitcoin reserve bills.
If enacted, they could drive $23 billion in buying, or 247k BTC.
This sum is independent of any pension fund allocations, likely to rise if legislators move forward. pic.twitter.com/5AZnkiwTZf— matthew sigel, recovering CFA (@matthew_sigel) February 12, 2025
The cumulative figure of bitcoins that could potentially go into state reserve funds is higher than the 198,100 BTC that the US government currently holds, according to Arkham Intelligence.
Meanwhile, on Feb. 11, investment firm Bitwise said, “If companies and governments want to buy Bitcoin, they’ll largely have to buy it from individuals who are willing to sell.”
There are currently 19 states in the US with a crypto reserve bill in the proposal stage, while two — Arizona and Utah — have advanced legislation beyond the House committee level, according to the Bitcoin Reserve Monitor.
This week, North Carolina lawmakers proposed legislation to allow the state to invest in Bitcoin exchange-traded products.
Last week, the states of Montana, Iowa, Maryland, Ohio, Florida, Kentucky, and New Mexico introduced bills that would enable the state to invest in digital currencies.
My bet is… Arizona gets the first Strategic Bitcoin Reserve https://t.co/lH0zrBJMTq
— Bitcoin Reserve Monitor (@BTCResrvMonitor) February 13, 2025
Lone Star State Latest
Texas is the latest state to file or amend its strategic Bitcoin reserve proposal, of which several have been filed. On Feb. 12, Republican Senator Charles Schwertner filed the “Texas Strategic Bitcoin Reserve and Investment Act” (SB21).
The latest legislation for the Lone Star state would enable Texas to invest and trade in BTC and other high market cap cryptos in an investment fund.
Thank you to Lt. Governor @DanPatrick for designating my bill to establish the Texas Strategic Bitcoin Reserve as one of the Senate’s top 40 priority bills. SB 21 would make our state the first to establish a Strategic Bitcoin Reserve & drive innovation, growth, & financial…
— Charles Schwertner (@DrSchwertner) February 12, 2025
This article first appeared at CryptoPotato
