21 states in the US are considering the creation of strategic Bitcoin reserves based on new research by VanEck.
Initiative in 21 States
VanEck's research analyzes legislative proposals in various states and suggests that Bitcoin purchases could reach $25 billion. Analysts Nathan Frankovitz and Matthew Sigel note that while the odds of these proposals passing are low, their estimates are based on the upper bounds of each bill.
Potential Market Impact
If these purchases occur, they could significantly impact Bitcoin's market trajectory, possibly similar to MicroStrategy's aggressive accumulation strategy. Government purchases could help Bitcoin reach new highs, akin to the company's holdings valued at $31 billion.
Global Trend Towards Bitcoin Reserves
Interest in Bitcoin reserves is not limited to the United States. Experts highlight that other countries, seeking to diversify reserves or hedge against geopolitical risks, may follow suit. Galaxy Research previously stated that competition among country groups could intensify Bitcoin adoption.
The establishment of Bitcoin reserves may offer states the chance to diversify financial strategies and potentially strengthen positions on the international scene.
