A new analysis by VanEck suggests that 20 state-level Bitcoin reserve bills, if enacted, could lead to $23 billion in Bitcoin purchases, equivalent to 247,000 BTC.

This estimate excludes potential pension fund allocations, which could further increase demand if lawmakers advance these proposals.

Matthew Sigel, VanEck’s head of digital asset research, shared the findings on X, highlighting the growing interest among U.S. states in holding Bitcoin as a reserve asset. These bills, introduced in various legislatures, propose that states allocate a portion of their reserves to Bitcoin (BTC).

The projected $23 billion in buying pressure could add significant upward momentum to Bitcoin’s price, especially if pension funds and other state-managed investment vehicles also allocate to BTC. 

While no state has yet implemented such legislation, growing support among policymakers indicates that Bitcoin’s role in government reserves may expand.

State Bitcoin bills

As of February 2025, numerous U.S. states are considering legislation to establish Bitcoin reserves. Notably, Utah has made significant progress, with its Bitcoin Reserve Bill passing the House Economic Development Committee on January 28, 2025, and 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.