PANews reported on February 14 that according to Vaneck analyst Matthew Sigel, 20 states in the United States are promoting bills related to Bitcoin reserves. If all are passed, it is expected to drive US$23 billion of funds into the Bitcoin market, equivalent to approximately 247,000 BTC.

The study covers states’ reserve funds, pension plans and other state-level investment mechanisms, with some states proposing to use state budget surpluses, stabilization funds and land funds for Bitcoin investment.