State Bitcoin reserve bills could drive $23B BTC buys

Proposed legislation to create strategic Bitcoin (CRYPTO:BTC) reserves in about 20 U.S. states could lead to approximately $23 billion in demand for BTC if the bills are passed.

According to VanEck's analysis, these bills would require state governments to collectively purchase around 247,000 BTC.

Matthew Sigel, VanEck’s head of research, shared this analysis in a February 12 post on X.

This analysis excludes potential BTC purchases by state pension funds, which would further increase demand.

Sigel noted that the $23 billion figure is conservative, given the lack of details available for many states.

Several states are considering legislation to establish Bitcoin reserves.

Utah's Bitcoin Reserve Bill passed the House Economic Development Committee on January 28, 2025, and awaits 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 became the 16th state to introduce legislation for a Bitcoin reserve.

Isaac Joshua, CEO of Gems Launchpad, said Bitcoin is tracking toward becoming a mainstream reserve asset due to growing institutional and government adoption.

President Donald Trump ordered staff to explore a potential national strategic Bitcoin reserve.

Over 150 companies are accumulating Bitcoin treasuries.

In February, Trump ordered the creation of a sovereign wealth fund, which analysts speculate could be used to buy BTC.

Prediction market Kalshi ascribes 52% odds that Trump will create a national Bitcoin reserve this year.

At the time of reporting, the Bitcoin (BTC) price was $97,445.87.