Could the United States be on the brink of a Bitcoin buying bonanza? As the nation holds its breath for the possibility of a national Bitcoin Reserve, states are already making waves in the crypto world.
VanEck’s Head of Research, Mathew Sigel, has predicted that 20 U.S. state-led Bitcoin Reserve bills, if approved, could generate a staggering $23 billion in demand for the king coin. That’s 247,000 BTC, my friends! And that’s just the beginning.
Some states have even left the door wide open for unlimited BTC allocations. Take Texas, for example. Pierre Rochard, VP of Research at Riot Platforms, has shared that the Lone Star State’s bill has no cap on BTC allocations. So, the demand could soar even higher than Sigel’s estimate.
Andre Dragosch, Bitwise Europe‘s Head of Research, has weighed in on the matter, stating that the demand would be 2.5 times the annual Bitcoin supply. He said, “So, the 20+ US states would probably buy as much bitcoins as the federal government already. Combined, they would already soak up around 2.5x times the annual new supply of bitcoins.”
As it stands, Utah and Arizona are leading the charge, with their bills progressing to the second reading and first chambers. But, alas, three state bills, including Wyoming, have hit a roadblock. Will Utah be the first to legally create a BTC Reserve? Only time will tell.
So, buckle up, crypto enthusiasts! The Bitcoin demand dynamics are about to get very interesting.
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2025-02-13 14:16