SoSoValue Analyst: Twenty states across the U.S. have advanced legislation for Bitcoin strategic reserves, and the potential purchasing power of public funds may reshape the Bitcoin market landscape

ChainCatcher news, according to SoSovalue statistics, as of now, twenty state-level administrative regions in the United States are initiating relevant legislative procedures. Among them, fifteen states have had their bills formally received by the House and have entered the committee review stage, forming operational legal drafts. The Bitcoin Strategic Reserve Bill is creating a regional legislative wave in the U.S.

Taking Utah as an example, Bill HB0230 will allow the state's four public funds (namely, the State Disaster Recovery Restricted Account, the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account, and the Medicaid Growth Reduction and Budget Stabilization Account) to invest up to 5% of their total assets in Bitcoin. According to the 2024 Utah financial report data, this means a potential purchasing power of over $70 million.

SoSovalue analysts state that the Strategic Bitcoin Reserve Bill is not only a new breakthrough for Bitcoin in the traditional financial system but also a historic advancement. As more state governments explore similar strategies, the trend of public funds holding Bitcoin may reshape the global market's definition of Bitcoin as an asset, defining Bitcoin not just as digital gold, but as part of national and institutional asset allocation, further solidifying its position in the global financial system.