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Legislators in 18 states have introduced bills to spin up Bitcoin reserves, potentially opening up demand for some 247,000 orange tokens.
🧾 20 Bills from 18 States
Bitcoin prices
BTCUSD
stayed flat Friday morning, floating near $97,000, after the US government’s efforts on Bitcoin adoption are finally kicking into gear. Presently, 20 bills have been introduced in 18 states that call for the establishment of the much-anticipated Bitcoin strategic reserves.
If these bills get the greenlight, Bitcoin could see an influx of billions dollars, $23 billion to be precise. All 18 states are looking to buy a total of 247,000 Bitcoin with Arizona being the biggest bull with a planned purchase of 90,143 coins. Other states include Massachusetts, Ohio, Texas, Illinois, North Carolina and Florida.
💰 What’s $23 Billion to $2 Trillion?
To be fair, $23 billion won’t move the needle at all — Bitcoin is worth roughly $2 trillion so that inflow will at most be a blip on the chart. The potential impact could come from the crypto community reacting to the news — the US approving Bitcoin strategic reserves is expected to make some noise.
And with that, the initiative could propel the flagship token to fresh levels to the upside. It’s not clear whether these bills will pass, though. Three such crypto bills have failed to make their way through Congress.
#BTC #ETH #GateioInto11 #ContentStar #BOME