Behind the scenes, Bitcoin legislation is advancing at the state level in the United States, with almost 30 proposals directing funds into reserves. As Matthew Sigel, Head of digital assets research at VanEck, reported, 20 of the bills under review could alone drive up to $23 billion in buying, or approximately 247,000 BTC, if enacted.
This figure excludes any pension fund allocations that may arise if state legislators move forward. Several state measures focus on channeling general budgets, special revenue accounts, and “Rainy Day” funds into Bitcoin, reflecting a varied approach to sourcing public money.
Oklahoma’s committee-level proposal seeks a 10% allocation from its $14.7 billion state funding sources, amounting to more than 15,000 BTC. Massachusetts introduced a measure targeting its “Rainy Day” fund, which stands at $8.8 billion, while Texas has advanced legislation that could commit at least 1% of unencumbered general revenue toward Bitcoin.
Some proposals specify percentages, while others note no fixed figure, as seen with New Hampshire and Montana. Wyoming’s effort, once aiming for a 3% allocation of $27.1 billion, is marked failed or dead, though other states continue to push similar bills through committees or introductory stages. Iowa, Missouri, New Mexico and South Dakota are among the states weighing varying percentages, suggesting a shared outlook that Bitcoin may serve as a hedge or alternative store of value.
North Carolina recently joined this trend, introducing a plan to invest 10% of select state funds in Bitcoin. Some legislators cite inflation hedging and diversification as rationales, while others emphasize an interest in financial innovation. Critics argue that volatility remains a barrier to broad adoption in state portfolios, pointing to the uncertain legal and political environment.
States vary in their funding approaches. Maryland explores allocations through a gambling enforcement revenue stream. Ohio’s proposal involves designated donations and interim state funds. Kentucky links Bitcoin investing to assets exceeding a specific market capitalization threshold, primarily affecting Bitcoin due to its historical position at the top of digital asset rankings. Supporters argue that even minimal positions can familiarize government entities with emerging technology and signal openness to private sector innovation.
| State | Date | Status | Funding Source | Funding Size | Investment % | BTC |
|---|---|---|---|---|---|---|
| Oklahoma | 15‑Jan‑25 | Committee 2 | State General Fund, Revenue Stabilization Fund, Constitutional Reserve (“Rainy Day”) | $14,664,000,000 | 10% | 15,125 |
| Massachusetts | 10‑Jan‑25 | Introduced | Constitutional Stabilization (“Rainy Day”) Fund | $8,831,000,000 | 10% | 9,139 |
| Wyoming | 17‑Jan‑25 | Failed/Dead | General Fund and Permanent Wyoming Mineral Trust | $27,100,000,000 | 3% | 9,088 |
| New Hampshire | 10‑Jan‑25 | Committee 1 | General Fund, Revenue Stabilization Funds, others | $12,316,117,432 | n/a | 2,183 |
| Utah | 15‑Jan‑25 | Committee 2 | State Disaster Recovery/General Revenue Reserve/ Income Tax Fund Budget Reserve/Medicaid Growth Reduction & Allocation Accounts | $1,401,800,000 | 10% | 1,446 |
| Texas | 16‑Jan‑25 | Committee 1 | Unencumbered & unobligated GRF balance | $18,290,000,000 | 1% | 1,887 |
| Iowa | 6‑Feb‑25 | Committee 1 | General Fund, Cash Reserve Fund, Economic Emergency Fund | $5,472,000,000 | 5% | 2,822 |
| Missouri | 23‑Jan‑25 | Committee 1 | State Treasurer | $17,082,467,808 | 10% | 17,620 |
| New Mexico | 4‑Feb‑25 | Committee 1 | Land Grant Permanent Fund, Severance Tax Permanent Fund, Tobacco Settlement Permanent Fund, other state funds | $42,098,000,000 | 5% | 21,711 |
| South Dakota | 30‑Jan‑25 | Committee 1 | State public funds approved by the State Investment Council | $16,678,000,000 | 10% | 17,203 |
| Montana | 8‑Feb‑25 | Committee 1 | Montana General Fund (up to $50 million initially) | $4,176,970,000 | n/a | 516 |
| North Carolina | 10‑Feb‑25 | Introduced | General Fund, Highway Fund, Teachers’ & State Employees’ Retirement System, other special state funds | $26,291,046,000 | 10% | 27,118 |
Analysis of 20 US State Bitcoin Reserve Proposals (Source: Matthew Siegel, VanEck)
Federal interest appears limited to early-stage discussions, though public statements by President Donald Trump’s administration and some lawmakers have introduced the idea of a national Bitcoin reserve. The concept has yet to materialize in any definitive action. State momentum, however, suggests that local governments view Bitcoin as a strategic resource, especially for specific budget categories and investment pools. Although some states have halted or rejected such efforts, the general pattern indicates a growing push to formalize Bitcoin holdings as part of state-level fiscal policy.
Legislative committees will continue to evaluate each bill, with some measures possibly returning for further debate despite initial setbacks. Proposals that survive committee scrutiny may undergo amendments before reaching final votes, yet the broad interest highlights Bitcoin’s potential role in government strategies. If states enact these plans in substantial form, the combined effect could reshape how public money is allocated across the United States.
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