Key Insights:
Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania have legislated for Bitcoin Reserves or are in the process.
The upcoming MiCA would make zero impact on Bitcoin as it keeps the asset out of any classification.
Finally, a new era of bitcoin emerges as traditional financial giants start accumulating it.
As many as 20 US States have been establishing independent Bitcoin reserves of their own. This list grows rapidly as more US states join in. The primary motive is to create an asset reserve for the future that would help them manage debt, create a yield from monetizing existing assets, or simply ride the Bitcoin wave as it beats all other assets in the market.
At present, the following states are in some phase of legislation, whether it is a draft stage, bill stage, or has established an act. They are Oklahoma, Massachusetts, Wyoming, Ohio, Texas, Utah, North Dakota, Iowa, Illinois, Kentucky, Missouri, Maryland, New Mexico, South Dakota, Montana, New Hampshire, North Carolina, Arizona, Florida, and Pennsylvania, which have legislated for Bitcoin reserves or are in the process.
Texas, one of the oldest states to have established an independent Bitcoin reserve (SB-778 Act) has recently brought another bolder act "SB-21" to expand its crypto reserves. This new act allows the state to buy any cryptocurrency that maintains an overall market cap of over $500 billion for a year. Though this only suits Bitcoin, in the near future, Ethereum could easily get into this classification.
The Bitcoin Reserve bill in Texas allows it to accumulate $500 million worth of Bitcoin every year.
Given there are more than 20 states at present that will buy Bitcoins steadily over the next few years, we can see an annual demand of at least $10 billion from the US States. Additionally, a large demand from the US federal government would drive the markets even higher in mid-2025.
Europe will see the implementation of MiCA this year with some exceptions granted to a few countries. The law seeks to regulate cryptocurrency sector with stringent regulations and reporting systems. This had been a serious cause of concern for many who think crypto markets could get negatively impacted.
However, MiCA is unlikely to directly impact Bitcoin because among all its classifications of e-money, or tokenized assets, Bitcoin falls under no classification. Still, MiCA could impact Bitcoin indirectly because of its regulations around stablecoins, exchanges, and other crypto-related products.
Lately, many traditional financial giants that were once apprehensive of Bitcoin have joined the bandwagon. Major financial giants like Goldman Sachs, Morgan Stanley, and JP Morgan have already accumulated considerable amounts of BTC reserves.
Across the pond, UK-based financial giant Barclays Bank has also accumulated nearly $100 million in Bitcoin. Opposite to its US counterparts which are accumulating Bitcoin ETFs, Barclays owns spot Bitcoin.
As more financial giants join the Bitcoin standard, they will increase the demand for BTC along with traditional ones like MicroStrategy.
Bitcoin has seen strong price consolidation in the range of $96k to $97k and would likely make another attempt at $100k. Lately, it has been moving in a narrow channel between $95.3k and $98.7k since 6 February 2025.
Bitcoin Moves in a Narrow Channel
Tradingview
On the hourly charts, its RSI has seen an increase from 35 to 60 in the last 24 hours. Typically, a move in RSI beyond 60 induces a rally in Bitcoin. This indicates that a move beyond $100k could happen this weekend.
As soon as it breaks out of this narrow channel, Bitcoin could easily cross $100k supported by its strong market domination.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.