SoSoValue analyst: Twenty states in the United States have pushed for legislation on Bitcoin strategic reserves, and the potential purchasing power of public funds may reshape the Bitcoin market landscape

BlockBeats News: On February 20th, according to SoSovalue statistics, as of now, 20 state administrative regions in the United States are initiating relevant legislative processes. Fifteen state bills have been officially accepted by the House of Representatives and entered the committee review stage, forming operational legal drafts. The Bitcoin Strategic Reserve Act is forming a regional legislative wave in the United States. Taking Utah as an example, HB0230 will allow the state's four public funds (i.e. the State Disaster Recovery Restricted Account, General Fund Budget Reserve Account, Income Tax Fund Budget Reserve Account, and 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, this means the potential purchasing power exceeds $70 million. SoSovalue analysts say that the Strategic Bitcoin Reserve Act is not only a new breakthrough for Bitcoin in the traditional financial system, but also a historic development. 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. Bitcoin is not only defined as digital gold, but also as a part of national and institutional asset allocation, further consolidating its position in the global financial system.