Key Takeaways:
- U.S. states could acquire up to $23 billion in Bitcoin if proposed reserve bills pass, per VanEck.
- 20 state-level bills could lead to the purchase of 247,000 BTC, excluding potential pension fund investments.
- VanEck suggests the $23B estimate may be conservative, as some states lack disclosed purchase amounts.
Several U.S. states are considering Bitcoin reserve legislation, which could lead to state governments purchasing up to $23 billion in Bitcoin, according to VanEck’s analysis.
The report, shared by VanEck’s research head Matthew Sigel on Feb. 12, reviewed 20 state-level bills that collectively could result in the acquisition of approximately 247,000 BTC.
We analyzed 20 state-level Bitcoin reserve bills.
— matthew sigel, recovering CFA (@matthew_sigel) February 12, 2025
If enacted, they could drive $23 billion in buying, or 247k BTC.
This sum is independent of any pension fund allocations, likely to rise if legislators move forward. pic.twitter.com/5AZnkiwTZf
This estimate excludes potential Bitcoin investments from state pension funds, which could further increase demand.
Sigel noted that the $23 billion figure is likely conservative due to incomplete funding details in many proposals.
If these initiatives gain momentum, they could represent a major shift in Bitcoin adoption at the state level, signaling growing institutional confidence in cryptocurrency as a reserve asset.
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