States Eyeing Bitcoin Reserves: Will They Strike Gold or Just Fool’s Gold? 💰

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Well, hold onto your hats, folks! If the state-level strategic Bitcoin reserve bills get the green light, we might just see a staggering $23 billion worth of Bitcoin flooding the market. Yes, you heard that right—247,000 shiny new BTC could be on the way, according to Matthew Sigel, the head honcho of digital assets research at VanEck. And this was all said on February 12, which, coincidentally, is also the day I realized I still don’t understand how to use my toaster. 🤷‍♂️

Now, before you start dreaming of a Bitcoin-fueled utopia, Sigel was quick to point out that this figure is as conservative as a cat at a dog show. It doesn’t even factor in any pension fund allocations, which means it could very well rise like my blood pressure when I try to explain cryptocurrency to my grandmother.

Big Bitcoin Buying Pressure

In a thrilling analysis that could rival a summer blockbuster, the research took a deep dive into the proposed legislation across 20 US states. If these bills get the thumbs up, we could be looking at some serious investment action. But don’t hold your breath for Ohio, Illinois, Missouri, or Maryland—they’re still playing hard to get. North Dakota, on the other hand, has already swiped left on the whole idea. 😬

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.

— matthew sigel, recovering CFA (@matthew_sigel) February 12, 2025

To put things into perspective, the potential Bitcoin stash from these state reserves could outshine the 198,100 BTC currently held by the US government. Talk about a glow-up! Meanwhile, Bitwise, an investment firm, chimed in with a sage observation: “If companies and governments want to buy Bitcoin, they’ll largely have to buy it from individuals who are willing to sell.” Well, that’s a relief! I was worried they might try to barter with a few old baseball cards. ⚾️

As it stands, 19 states are in the crypto reserve bill proposal stage, while Arizona and Utah are strutting their stuff with legislation that’s made it past the House committee level. North Carolina is also getting in on the action, proposing to invest in Bitcoin exchange-traded products. Because why not? It’s not like they have anything better to do, right?

Last week, a gaggle of states including Montana, Iowa, Maryland, Ohio, Florida, Kentucky, and New Mexico decided to jump on the digital currency bandwagon. It’s like a game of musical chairs, but with more blockchain and fewer chairs.

My bet is… Arizona gets the first Strategic Bitcoin Reserve.

— Bitcoin Reserve Monitor (@BTCResrvMonitor) February 13, 2025

Lone Star State Latest

And now, for the grand finale: Texas! The Lone Star State has filed or amended its strategic Bitcoin reserve proposal, with Republican Senator Charles Schwertner leading the charge. On February 12, he introduced the “Texas Strategic Bitcoin Reserve and Investment Act” (SB21). Sounds fancy, doesn’t it? 🤠

This latest legislation would allow Texas to invest and trade in BTC and other high market cap cryptocurrencies. Because if there’s one thing Texans love, it’s big hats and even bigger investments.

Thank you to Lt. Governor @DanPatrick for designating my bill to establish the Texas Strategic Bitcoin Reserve as one of the Senate’s top 40 priority bills. SB 21 would make our state the first to establish a Strategic Bitcoin Reserve & drive innovation, growth, & financial…

— Charles Schwertner (@DrSchwertner) February 12, 2025

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2025-02-13 10:20