Proposed bills to create strategic Bitcoin reserves in American states could significantly increase demand for the cryptocurrency.
VanEck's Analysis
An analysis by the investment firm VanEck suggests that proposed Bitcoin reserve bills in various US states could lead to demand for approximately 247,000 bitcoins, equivalent to $23 billion. VanEck's head of research, Matthew Sigel, noted this number might be conservative due to the lack of data on reserve sizes in several states.
Growing Interest in Bitcoin
According to Isaac Joshua, CEO of Gems Launchpad, Bitcoin is on its path to becoming a mainstream reserve asset due to increasing adoption by governments and institutional investors.
Prospects of Bitcoin Reserve in the US
Media reports indicate US President Donald Trump has ordered an exploration of a potential national strategic Bitcoin reserve.
The proposed Bitcoin reserve initiatives could significantly impact the further adoption of the cryptocurrency, highlighting the importance of legislative support for these efforts.
