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.

Michigan has become the latest US state to propose a strategic Bitcoin reserve bill, bringing the total number of states moving crypto reserve-related legislation to 20. On Feb. 13, Representatives Bryan Posthumus and Ron Robinson introduced HB 4087 to amend the state’s Management and Budget Act to establish a strategic Bitcoin BTC $96,675 reserve.

Texas lawmakers have reintroduced a bill to establish a state-run Bitcoin reserve, broadening its scope to include other digital assets.

The total number of crypto reserve-related legislatures in the US has risen to 20 as Michigan becomes the latest state to propose a strategic Bitcoin reserve bill. Representatives Bryan Posthumus and Ron Robinson introduced HB 4087 on Feb.

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.

Texas lawmakers want to invest some state funds in cryptocurrency. A state Bitcoin Reserve would be established under SB 21. The bill does not establish a minimum amount required for investment or how long the assets must be held.