In a twist of fate, the pen of legislative might has inked a symphony of Bitcoin dreams. VanEck, the soothsayer of digital gold, whispers of a bold prediction: should the proposed state-level Bitcoin reserve bills come to fruition, a veritable flood of $23 billion could cascade into the Bitcoin market, swamping it with a demand for 247,000 BTC. 🌊
But wait, dear reader, for the plot thickens! This sum, a mere drop in the proverbial bucket, does not account for the potential deluge from pension funds, which, if the lawmakers so choose, could swell this tide to even greater heights. 🚀
Matthew Sigel, the VanEck’s maestro of digital assets, has shared his findings with the world, highlighting the curious trend among U.S. states to embrace Bitcoin as a reserve asset. These bills, like so many ships setting sail, propose that states should hoist a portion of their reserves upon the Bitcoin (BTC) seas. 📈
“We have gazed into the crystal ball of 20 state-level Bitcoin reserve bills.
If they become law, a buying frenzy of $23 billion awaits, or 247k BTC.
And this, dear friends, is but a prelude to the grand opera of pension fund allocations, should our legislative conductors decide to play on.”
— matthew sigel, recovering CFA (@matthew_sigel) February 12, 2025
Imagine, if you will, the almighty Bitcoin price soaring on the wings of this projected $23 billion in buying pressure. And should the pension funds and other state-run investment caravans join the fray, the sky itself may not be the limit! 🌌
As of yet, no state has dared to cross the Rubicon of such legislation, but the growing chorus of policymakers suggests that Bitcoin may soon find a throne among the treasures of government reserves. 🏛️
The Bitcoin Bills of States
In the year of our Lord, 2025, the United States is abuzz with the prospect of legislation that would establish Bitcoin reserves. Utah, the bold pioneer, has pushed its Bitcoin Reserve Bill through the House Economic Development Committee, now resting on the Senate’s doorstep, waiting for the knock of approval. 🛡️
If the Senate’s wisdom deems it so, Utah shall be the first to plant its flag on the Bitcoin reserve moon. 🌕
Other states, not to be outdone, are hot on Utah’s heels. Missouri, Arizona, Oklahoma, and Kentucky are all in the race, with Kentucky becoming the 16th to introduce legislation for a Bitcoin reserve. A motley crew, indeed, joining the ranks of Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming in the quest for digital gold. 🏁
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2025-02-13 00:05