A recent analytical report from prominent asset manager VanEck asserts that US states could buy up to 247,000 BTC if their reserve bills pull through. Matthew Sigel, the head of digital assets research at VanEck,

Twenty US states are pushing for Bitcoin reserve bills, and if passed, they could throw $23 billion (247,000 Bitcoins) into the crypto market, according to a prediction from VanEck analyst Matthew Sigel that was posted on X today.

If all 20 bills introduced in 18 states to establish state-level bitcoin reserves are enacted, it could potentially lead to the buying of more than $23 billion worth of bitcoin — or some 247,000 bitcoins in total — and drive up the crypto’s price.