Twenty US states are pushing for Bitcoin reserve bills, and if passed, they could throw $23 billion (247,000 Bitcoins) into the crypto market, according to a prediction from VanEck analyst Matthew Sigel that was posted on X today.

Sen. Charles Schwertner (R-Georgetown) introduced a bill on Wednesday that would create the Texas Strategic Bitcoin Reserve. The bill would not only establish a bitcoin reserve for the state, but also direct the comptroller's office to form a five-person committee to oversee the reserve.

Strategic Bitcoin reserve bills under consideration by some 20 US states could drive as much as $23 billion in buy pressure for BTC if passed, according to an analysis by asset manager Van Eck.

If all 20 bills introduced in 18 states to establish state-level bitcoin reserves are enacted, it could potentially lead to the buying of more than $23 billion worth of bitcoin — or some 247,000 bitcoins in total — and drive up the crypto’s price.