Key Points
- VanEck’s analysis predicts a potential $23 billion in Bitcoin purchases from state-level reserve bills.
- States across the U.S. are showing increasing interest in holding Bitcoin as a reserve asset.
VanEck, a prominent investment management firm, has conducted an analysis that suggests the enactment of 20 state-level Bitcoin reserve bills could trigger as much as $23 billion in Bitcoin purchases. This figure equates to around 247,000 BTC.
The forecast does not take into account potential allocations from pension funds. If these proposals are moved forward by lawmakers, the demand for Bitcoin could rise even more.
Matthew Sigel’s Findings
Matthew Sigel, who leads digital asset research at VanEck, shared these findings, pointing out the increasing interest among U.S. states in using Bitcoin as a reserve asset. The bills, which have been proposed in a number of legislatures, suggest that states allocate a part of their reserves to Bitcoin.
The projected $23 billion in buying pressure could provide a significant boost to Bitcoin’s price. This is particularly likely if pension funds and other state-managed investment vehicles also decide to allocate to Bitcoin.
No state has yet passed such legislation, but the growing support among policymakers suggests that Bitcoin’s role in government reserves could soon increase.
State Bitcoin Bills
As of February 2025, several U.S. states are considering legislation to establish Bitcoin reserves. Utah has made significant progress, with its Bitcoin Reserve Bill passing the House Economic Development Committee on January 28, 2025. The bill is currently awaiting Senate deliberation.
If approved, Utah could become the first state to implement such a reserve. Other states actively pursuing similar initiatives include Missouri, Arizona, Oklahoma, and Kentucky. Kentucky recently became the 16th state to introduce legislation for a Bitcoin reserve, joining others like Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming.