VanEck Research Shows US States Could Buy Bitcoin Worth $23B with Strategic Reserves
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A recent analytical report from prominent asset manager VanEck asserts that US states could buy up to 247,000 BTC if their reserve bills pull through. Matthew Sigel, the head of digital assets research at VanEck, revealed this staggering statistic in a recent report today. The piece collated the 17 states that have introduced bills to create a strategic Bitcoin reserve and considered how much reserve funds they proposed for acquiring the asset. US States Could Buy 247,000 BTC Particularly, the report shows that 17 states introduced bills to buy and hold Bitcoin through state reserve or pension funds. However, only 16 are still alive, as a House bill to buy Bitcoin in Wyoming failed to garner enough votes to pass. Furthermore, four of the active legislations are either newly introduced or have yet to be deliberated on. The states in this category include Massachusetts, North Dakota, Iowa, and North Carolina. Others in states like Oklahoma, Ohio, New Hampshire, Utah, Texas, Illinois, Kentucky, Maryland, New Mexico, South Dakota, and Montana have reached committee hearings. Utah is the only state to have advanced its bill after a favorable vote. Meanwhile, a chart following the report shows how much each state would allocate to Bitcoin purchases and their corresponding value. Notably, VanEck drew the figures from their estimated funding size and percentage of Bitcoin allocation according to their individual proposals. Estimated US State Bitcoin Purchase per VanEck Their estimated Bitcoin acquisition totaled 242,787 BTC, worth $23.54 billion. According to Arkham, this figure is above the United States’ 198,109 BTC stash. Moreover, Sigel noted that the estimated figure is independent of allocations from US-based pension funds, which will likely be appreciated if these states adopt Bitcoin. Supply Shock Imminent Interestingly, the proposed purchases will add to the growing number of institutional Bitcoin acquisitions. Furthermore,…
Filed under: News - @ February 12, 2025 8:20 pm