VanEck Calculated: 20 U.S. States Could Buy $23 Billion in Bitcoin! - Coin Newsletter

Asset manager VanEck predicts that the Bitcoin (BTC) reserve bill, which has been introduced in 20 different states in the United States, could bring billions of dollars of new purchases to the market if it goes into effect.

A number of U.S. states are considering using public funds for Bitcoin investment or creating state-level digital asset reserves, with the move projected to bring $23 billion in new purchases to the market.

Recently, representatives of 20 different states in the US have submitted legislative proposals that include investing public funds in Bitcoin and other cryptocurrencies. According to the analysis carried out by VanEck, if the bills submitted so far are enacted, a purchase of approximately 242,700 BTC of $23 billion could take place.

Moreover, this estimate does not include possible investments from the states' pension funds.

Digital asset reserve at the federal level will send Bitcoin soaring

U.S. President Donald Trump appointed a team last month to develop a federal regulatory framework for digital assets and stablecoins and to create a "strategic national digital asset reserve." Meanwhile, the BITCOIN Act 2024 introduced by Senator Cynthia Lummis proposes that the U.S. Treasury Department purchase 1 million BTC within 5 years.

According to VanEck's analysis, if this plan is implemented, U.S. Bitcoin reserves could be equivalent to 35% of the national debt by 2049. However, for that to happen, Bitcoin needs to gain 43,000% to reach $42.3 million over the next 24 years.

The steps taken by the U.S. states and the federal government for Bitcoin investments could have a major impact on the future of the market.