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Title: 20 U.S. state-led Bitcoin Reserve bills could drive +$23B in demand – Details
A surge in demand for Bitcoin (BTC) could be imminent, as multiple U.S. states consider introducing their own Bitcoin Reserve bills. According to a recent report by VanEck’s Head of Research, Mathew Sigel, the potential approval of 20 such state-led bills could drive an astonishing +$23 billion in buying demand.
Sigel explained that if these bills are enacted, they would have the power to generate an additional $23 billion worth of Bitcoin buying. This staggering amount is not only independent of any pension fund allocations but also likely to increase further if legislators choose to move forward with the initiative.
As the market waits for a feasibility study on a U.S. national Bitcoin Reserve by President Donald Trump’s digital asset working group, similar momentum led by states has gained traction. Utah’s bill has progressed significantly and set the pace for other states to follow suit. Arizona is another state that has made notable progress in this regard.
For some, the prospect of such a massive influx of demand might bring about concerns regarding the supply of Bitcoin available. However, Pierre Rochard, VP of Research at BTC miner Riot Platforms, shed light on Texas’ bill, which has not capped the Bitcoin allocation amount. This means that the legislature can allocate as much as it wants to purchase and save Bitcoin.
Andre Dragosch, Head of Research at Bitwise Europe, further emphasized the impact this could have on the demand dynamics, stating that the combined buying power of these states would be equivalent to 2.5 times the annual new supply of Bitcoins. This means that the demand would not only surpass but also potentially dwarf the estimated +$23 billion figure provided by VanEck.
The development and progression of these bills are currently being monitored closely as they could have a significant impact on the overall cryptocurrency market dynamics.
Source: ambcrypto.com
