If the state-level Bitcoin strategic reserve bills are passed, “they could attract $23 billion in purchases, or 247,000 BTC,” according to crypto analysts.

“This amount is independent of any pension fund contributions and would likely increase if lawmakers take action. It’s a conservative figure given the lack of details.”

The analysis looked at the status of proposed bills in 20 U.S. states and estimated the potential investment they could make if the bills were passed.

There is no set date for Ohio, Illinois, Missouri, and Maryland, while North Dakota is the only state to reject a proposed Bitcoin strategic reserve.

The total amount of Bitcoin that could potentially end up in state reserve funds exceeds the 198,100 BTC currently held by the U.S. government, according to Arkham Intelligence.

Meanwhile, on February 11, investment firm Bitwise said, “If companies and governments want to buy Bitcoin, they will mostly have to buy it from individuals who are willing to sell.”

According to Bitcoin Reserve Monitor, there are currently 19 states in the U.S. that have proposed cryptocurrency reserve legislation, with two states — Arizona and Utah — already advancing their bills past the House committee level.

This week, North Carolina lawmakers proposed a bill that would allow the state to invest in Bitcoin exchange-traded products.

Last week, Montana, Iowa, Maryland, Ohio, Florida, Kentucky, and New Mexico introduced bills that would allow the state to invest in digital currencies.

Texas is the latest state to file or amend its Bitcoin reserve strategy proposal, of which several have been filed. On February 12, Republican Senator Charles Schwertner filed the “Bitcoin Strategic Reserve and Investment in Texas Act.”

The latest bill for the Lone Star State would allow Texas to invest and trade BTC and other high-market-cap cryptocurrencies in an investment fund.

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