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VanEck has estimated that if the proposals from the 20 US States to create a Bitcoin reserve were accepted, they would generate 23 billion dollars in BTC purchases.
VanEck: the estimate of Bitcoin reserves of US States at $23 billion of BTC purchases
VanEck, asset manager, has released an estimate concerning the ever-growing interest from US states to create their own state Bitcoin reserve.
Specifically, Matthew Sigel, head of research at VanEck, stated that the analysis of 20 US States that have proposed the state Bitcoin reserve, would generate BTC purchases worth 23 billion dollars. This amount is equivalent to about 247,000 BTC.
Here is his post on X:
Source“We have analyzed 20 legislative proposals on the state-level Bitcoin reserve.
If approved, they could generate purchases for 23 billion dollars, equal to 247k BTC.
This amount is independent of pension fund allocations, which will likely increase if legislators move forward.”
As specified by Sigel, the analysis does not include the potential purchases of BTC by state pension funds, which would further increase the demand.
Another clarification from Sigel of VanEck then states that the figure of 23 billion dollars is potentially conservative, given the lack of some details. In the list of US states that have proposed legislation to establish a state reserve in Bitcoin, many are “n/a” with unknown sizes.
VanEck and the legislative proposals in the USA to create a state reserve of Bitcoin
The analysis by VanEck considered as many as 20 states in the USA that have created a bill to establish a state reserve of Bitcoin.
Among others, last week the proposal presented in Missouri, called HB 1217, emerged, which would authorize the State to hold BTC as a reserve and to accept them for state payments.
Specifically, the Missouri Bitcoin Reserve Bill was introduced in the State House of Representatives. Bill 1217 stipulates that there is no explicit limit on investments.
The curious thing is that Missouri has also previously submitted another bill SB 614, again for the creation of a state Bitcoin reserve, which is now in the hands of the Senate. This proposal includes a 10% limit for BTC investments and stipulates that once purchased, the bitcoins must be held for at least 5 years.
At the end of January, however, the Arizona Senate approved the bill to use Bitcoin as a state reserve.
Other bills presented at the end of 2024, then, have been made in Ohio, in Texas and Pennsylvania.
The price of BTC below 100K dollars for over 10 days
In the meantime, the price of BTC continues to be below $100,000 for over 10 days. At the time of writing, BTC is worth $96,149.
BTC has fluctuated, in the last 7 days, in a price range of $94,500 and $99,950.
This trend in February is very different from January 2025. Especially around January 20, the price of BTC was at 108,000$.
The general sentiment on Bitcoin has also decreased. As of today, the Bitcoin Fear and Greed Index is at a score of 50, perfectly neutral.
Source
English (US) ·