VanEck: U.S. State Bitcoin Bills Could Drive $23B in BTC Purchases

Proposed U.S State Legislation on Bitcoin Expected to Boost Purchases by $23 Billion According to Van Eck’s Analysis.

According to Van Eck’s study, findings indicate that implementing state-level bills to hold reserves could result in acquiring around $23 billion worth of BTC, equivalent to approximately 247,000 BTC purchases. This projection does not even consider the likelihood of additional investments coming from state pension funds, which might further increase the demand for Bitcoin.

At the moment, in the United States of America, 20 states discussions are happening among lawmakers about the possibility of using government funds to invest in cryptocurrency assets like Utah, where a significant advancement has been made with its Bitcoin Reserve Bill passing through a committee and currently waiting for a Senate decision to be made. Progress is also being seen in states such as Missouri, Arizona, Oklahoma, and Kentucky.

If local governments were to begin adding Bitcoin to their reserves as an asset-holding strategy, it could lead to a rise in purchasing activity, potentially impacting the prices of cryptocurrencies. Such policies have not been fully embraced by any state so far. The increasing attention from authorities indicates that Bitcoin is becoming more prominent in governmental financial planning.

Investors and financial entities are closely monitoring to observe whether these regulatory actions will result in the acquisition of Bitcoin.