20 State Bitcoin Bills Could Unleash a $23 Billion Buying Wave—247K BTC at Stake
Lawmakers across 20 U.S. states have introduced bills aimed at establishing bitcoin and digital asset reserves, potentially resulting in significant state-level investment. Matthew Sigel, head of digital assets research at asset management firm Vaneck, shared on social media platform X on Feb. 12:
We analyzed 20 state-level bitcoin reserve bills. 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.
These bills in Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania propose various levels of bitcoin allocations from general funds, stabilization reserves, and state treasurers’ accounts.
Some states are considering significant investments, with Arizona proposing an estimate of up to $8.7 billion and Florida planning a $3 billion allocation. Missouri has also introduced a bill that could allocate over $1.7 billion to bitcoin. However, not all states have disclosed specific funding amounts, making it difficult to gauge the total market impact, Sigel explained. For instance, North Dakota has an unspecified proposal, while other states like Pennsylvania have already seen their bills fail, he added.
Despite these uncertainties, the Vaneck head of digital assets research noted the potential for even higher investment levels, stating:
This $23B number is potentially conservative, given the lack of details (many of these states are ‘n/a’ with size unknown).
The push for state-level bitcoin reserves signals a growing acceptance of digital assets in government financial planning. While these proposals are still in the legislative process, their passage could introduce billions of dollars into the cryptocurrency market. If pension funds eventually join the initiative, total investment could increase beyond the current estimates.
