Analysts at VanEck suggest that US strategic bitcoin reserve bills could drive $23 billion in market purchases.
Analysis of Potential Investments
According to VanEck's research, if strategic bitcoin reserve bills are enacted, it could lead to buying worth $23 billion, equivalent to 247,000 BTC. These figures do not account for potential pension fund allocations, which are likely to increase if legislative initiatives are realized.
Current Legislative Landscape
As of now, 19 US states are in the proposal stage of crypto reserve bills. Meanwhile, Arizona and Utah have advanced legislation beyond the House committee stage. Last week, several states, including Montana, Iowa, Maryland, Ohio, Florida, Kentucky, and New Mexico, proposed bills for potential digital currency investments.
Latest State Initiatives
Texas is the latest state to file or amend a strategic bitcoin reserve proposal. The latest legislation, proposed by Republican Senator Charles Schwertner, would allow Texas to invest in and trade BTC and other high market cap cryptos.
If enacted, these bills could significantly increase demand in the bitcoin market, potentially affecting its price and market dynamics.
