Currently, 20 US states have active proposals to create their own Bitcoin Reserve, several of which are advancing. These bills contain legal obligations to purchase $23 billion in Bitcoin, which would fuel huge demand.

These bills may also encourage some US states to invest their pension funds in Bitcoin, adding further demand. BTC is on the cusp of a supply shock, so even a few successful bills could have a dramatic impact.

US States Want Bitcoin Reserves

Since President Trump first vowed to create a US Bitcoin Reserve, several states have attempted to develop their own BTC stockpiles. Matthew Sigel, Head of Digital Assets Research at VanEck, assessed these proposals, looking for specific purchasing obligations contained within.

He found many and determined that they could have a real impact on Bitcoin’s price.

“We analyzed 20 state-level Bitcoin reserve bills. If enacted, they could drive $23 billion in buying, or 247,000 BTC. This sum is independent of any pension fund allocations, likely to rise if legislators move forward,” Sigel claimed.

Although President Trump created a US crypto stockpile by executive order, this doesn’t quite fulfill his campaign promise. Still, several states are trying to pass their own Bitcoin Reserves, and a few proposals have advanced quite far.

Utah’s Bitcoin Reserve bill made it through the first committee, and both Oklahoma and Arizona also Go to Source to See Full Article
Author: Landon Manning

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