20 United States Proposals to Build BTC Reserve Fund to 23 Billion Dollars

In the context of the increasingly attention-grabbing cryptocurrency market, more than 20 states in the United States are actively proposing to establish Bitcoin reserve funds with the goal of stimulating demand through the purchase of large amounts of BTC. If these projects are approved, the total value of purchases could reach 23 billion US dollars, equivalent to about 247,000 BTC – not to mention investments from state retirement funds. Development Context The idea of establishing a Bitcoin reserve fund is no longer unfamiliar since President Donald Trump once promised to establish a national cryptocurrency reserve. However, while the federal policy has not fully materialized this commitment, individual states have been shifting towards building their own reserve funds. States like Oklahoma and Arizona have made progress in the process of building proposals, while Utah has passed the initial round of the legislative committee. Impact on the Bitcoin Market The proposal of 20 US states to purchase $23 billion in Bitcoin is not just an investment move but also has the potential to have a strong impact on the market. According to Matthew Sigel, Head of Digital Assets Research at VanEck, if these proposals are approved, they will create an extremely high demand, increasing pressure on the limited supply of Bitcoin, which is already struggling to meet the increasing demand. These large purchases can lead to: Increase in BTC value: With limited Bitcoin supply and high demand, the price could skyrocket in a short period. Investment from retirement funds: If state retirement funds participate in investment, the buying power for Bitcoin will be stronger, boosting the price uptrend. Market fluctuations: The emergence of Bitcoin reserve funds from states will create an unexpected factor and could completely change the cryptocurrency market landscape. Analysis and Assessment Matthew Sigel said, “We have studied more than 20 proposals to establish Bitcoin reserve funds at the state level. If approved, these proposals could lead to transactions worth up to 23 billion dollars, equivalent to about 247,000 BTC – not to mention investments from retirement funds.” This is a huge number and shows the significant potential impact if these proposals receive widespread support. Furthermore, the differences between states are also clearly shown when each state has its own roadmap and strategy in building reserve funds. This creates a diverse ecosystem where state reserve funds can play a crucial role in stabilizing and promoting the domestic cryptocurrency market. Conclusion The active deployment of proposals by US states to establish Bitcoin reserve funds not only demonstrates increasing interest in cryptocurrencies but also introduces a new scenario that could significantly impact the market. If these proposals become reality, purchasing a large volume of BTC will create significant pressure on the supply, driving the price of Bitcoin higher amid a supply crisis in the market. This development is not only significant for the cryptocurrency market but also marks a crucial step in integrating blockchain technology and cryptocurrencies into the US public financial system.