U.S. States Push for Bitcoin Reserves Could Trigger $23 Billion in Purchases: Matthew Sigel.

A total of 20 US states are pushing for Bitcoin reserves, with some bills already making traction. If these bills pass, it could result in the purchase of $23 billion worth of Bitcoin, creating strong demand. This may also encourage state pension funds to invest in BTC, putting even more pressure on supply. With Bitcoin already nearing a supply shortage, even a few bills passing could cause prices to skyrocket.

Notably, these bills in Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania propose various levels of bitcoin allocations from general funds, stabilization reserves, and state treasurers’ accounts.

Florida filed a bill last week proposing the state be allowed to invest in bitcoin and other cryptos, while North Carolina proposed a bill to let the State Treasurer invest in digital assets. Arizona’s Senate Finance Committee also backed a bill for public funds to invest in Bitcoin. Additionally, Colorado, Utah, and Louisiana already accept crypto for state payments, and Detroit plans to become the largest U.S. city to do the same.

Some states are eyeing big Bitcoin investments, with Arizona proposing up to $8.7 billion and Florida planning $3 billion. Missouri has introduced a bill that could allocate over $1.7 billion to Bitcoin. However, not all states have shared specific funding amounts, making it hard to predict the total market impact. Sigel pointed out that North Dakota’s proposal lacks details, and some states like Pennsylvania have already seen their bills fail.

Sigel is suggesting that the $23 billion estimate might be an understatement because some states have not disclosed how much they plan to invest. Since the investment amounts from several states are unknown, the actual total could be higher than the current estimate.

Source: COINPEDIA