💰 States’ Bitcoin Binge: $23Bn Shopping Spree Alert! 💸

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Oh, looky here! A merry band of 20 US states is cooking up a storm in their legislative kitchens, proposing to dish out a whopping $23 billion for a hearty Bitcoin feast. It’s a demand-boosting banquet, folks!

And if that’s not enough to tickle your financial fancy, some of these states are eyeing their pension funds as potential Bitcoin investors. Imagine the demand! BTC is teetering on the brink of a supply cliff, and these bills could be the gust of wind that blows it all over.

Matthew Sigel, the Head Honcho of Digital Assets Research at VanEck, has been sifting through these proposals like a detective on a case. He’s spotted the obligations that could shake the Bitcoin market like a snow globe.

“We’ve dissected 20 of these Bitcoin reserve bills. If they become law, they could trigger a $23 billion shopping spree, or 247,000 BTC. And that’s not even counting the pension funds that might join the party,” Sigel declared with a knowing wink.

Now, President Trump did start a crypto collection, but it’s not quite the treasure trove he promised. Yet, states are determined to mint their own Bitcoin Reserves. Utah’s bill has made it through the first hurdle, and Oklahoma and Arizona are hot on its heels. North Carolina just gave its bill a gentle nudge towards the Committee for Commerce and Economic Development.

If all these proposals become more than just hot air, the impact on Bitcoin’s price will be like a thunderbolt. $23 billion worth of BTC purchases, just to start with. And then there’s the small matter of pension funds getting in on the action.

But here’s the kicker: this analysis is just the tip of the iceberg. If a whole parade of states starts stockpiling Bitcoin, it could make consumers want in on the action too. Bitcoin’s supply is already looking shaky, and this could be the straw that breaks the camel’s back.

It’s a ticking time bomb, people. The current supply of Bitcoin is like a chocolate teapot in a storm, and up to 20 state-level Reserves could be the lightning strike that shatters it. Who knows how many of these bills will make it, but even a few could cause a ruckus. And a federal Bitcoin Reserve? Well, that’s a whole new kettle of fish.

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2025-02-13 00:13