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

According to a message from ChainCatcher, as per SoSovalue statistics, up until now, twenty state-level administrative regions across the United States have initiated relevant legislative procedures. Fifteen of these states' bills have been formally accepted by the Senate and entered the committee review stage, forming operational draft laws. A wave of regional legislation is forming in the US around Bitcoin strategic reserve bills.

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

SoSovalue analysts stated that not only does the Strategic Bitcoin Reserve Bill represent a new breakthrough for Bitcoin within traditional financial systems but it also marks historic progress. As more state governments explore similar strategies, trends towards public funds holding Bitcoins could reshape global market definitions of Bitcoin as an asset class. It suggests that Bitcoin is not just defined as digital gold but also forms part of national and institutional asset allocation strategies further consolidating its position within global financial systems.