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Bitcoin Adoption Could Drive in 247,000 BTC, Says VanEck’s Sigel
In a recent development, several US states have proposed allocating a significant portion of their funds to purchase Bitcoin. The initiative, if passed, would lead to a massive influx of capital into the digital asset market.
As reported by U.Today, Utah is currently before the second committee for consideration, while most other states are still in the initial stages of review. However, some notable mentions include North Carolina and New Mexico, which have led the charge with estimated potential investments of $2,629,104,600 and $2,104,900,000 respectively.
If these proposals are approved, it’s expected that a substantial 10% allocation from each state’s funds would be redirected towards Bitcoin. This would translate to a staggering amount of capital pouring into the market, with New Mexico potentially investing up to 21,711 BTC and North Carolina allocating 27,118 BTC.
The implications of such an influx are significant, with potential long-term upward trajectory for the digital asset’s value. As VanEck’s Sigel highlighted in his statement, this could drive a massive adoption of Bitcoin, leading to an additional influx of capital into the market.
Notably, these proposals do not account for potential allocations from pension funds, which can further amplify demand and potentially influence price movements.
Source: u.today
