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Bitcoin Adoption Could Drive in 247,000 BTC, Says VanEck’s Sigel
The potential for widespread adoption of Bitcoin by state governments and pension funds could be a game-changer for the cryptocurrency market. According to VanEck’s David Sigel, this development could drive an astonishing amount of 247,000 Bitcoins into circulation.
Sigel made these remarks while discussing the recent proposal for states to allocate a portion of their funds towards buying Bitcoin. Currently, some bills are before committees in various states, with Utah already moving forward and other states actively considering the idea.
While the majority of the proposals are still at an early stage, it’s crucial to note that several states are eyeing committing 10% of their funds to purchasing Bitcoin. This unprecedented move could create a significant influx of capital into the market.
Two states, North Carolina and New Mexico, have already disclosed substantial potential investments in Bitcoin. If these bills pass, they would allocate $2,629,104,600 and $2,104,900,000 respectively, towards the purchase of the cryptocurrency. This would translate to massive amounts of BTC – 27,118 and 21,711, respectively.
Sigel emphasized that the potential impact of this development should not be underestimated. “This could be a significant driver for the market,” he warned, pointing out that pension funds, in particular, have the capacity to drive demand.
It’s worth noting that the proposed allocations vary across different states, with some looking at leveraging capital from specific funds or accounts. New Mexico, for instance, is exploring options such as land grant permanent funds and Tobacco Settlement Permanent Fund, among others.
The potential market impact of this development cannot be overstated. If these bills pass, it would be a watershed moment for the cryptocurrency space, potentially driving a surge in demand and influencing the price trajectory of Bitcoin.
Source: u.today
