tl;dr
The potential impact of state-level strategic Bitcoin reserve bills in the US. According to VanEck's head of digital assets research, if enacted, these bills could drive $23 billion in buying or 247,000 BTC. The analysis also highlights the status of proposed legislation in 20 US states and the pote...
20 US states are considering Bitcoin reserve bills that could potentially drive $23 billion in buying or 247,000 BTC, according to VanEck's head of digital assets research. Analysis indicates that potential investments in state reserve funds could surpass US government holdings. The article highlights specific states like Texas, Arizona, and Utah that have advanced legislation in this regard. Furthermore, it mentions the introduction of bills in other states like Montana, Iowa, Maryland, Ohio, Florida, Kentucky, and New Mexico.
The potential impact of state-level strategic Bitcoin reserve bills in the US has garnered attention. If enacted, these bills could have a significant effect on Bitcoin acquisitions, potentially driving a substantial influx of funds into the market.
This week, North Carolina lawmakers proposed legislation to enable the state to invest in Bitcoin exchange-traded products. If state-level strategic Bitcoin reserve bills are enacted, they could drive $23 billion in buying or 247,000 BTC, according to VanEck’s head of digital assets research, Matthew Sigel. The analysis also delves into the status of proposed legislation in 20 US states and the potential investments they could make if the bills were approved. According to Arkham Intelligence, 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.
Moreover, Texas is the latest state to file or amend its strategic Bitcoin reserve proposal, with Republican Senator Charles Schwertner filing the “Texas Strategic Bitcoin Reserve and Investment Act” (SB21).