Key Points
- Dennis Porter, CEO of Satoshi Act Fund, predicts Utah will be the first U.S. state to pass a strategic Bitcoin reserve legislation.
- Porter believes up to 15 states could introduce Bitcoin reserve legislations by the end of 2025.
Dennis Porter, the founder and CEO of Satoshi Act Fund, has expressed his belief that Utah will be the first state in the U.S. to pass strategic Bitcoin reserve legislation.
States Introducing Bitcoin Reserve Legislations
Porter, in a discussion with Simply Bitcoin and Republican Senator Cynthia Lummis, explained that 11 states have already proposed strategic Bitcoin reserve legislations. He anticipates this number could potentially increase to 15 states within the current year.
Porter stated, “We think we’ll get to 15 within 2025 alone, it could be many more than that and some states will have multiple bills because lawmakers are now competing to be the first one in their own state.”
When questioned about which U.S. state he thinks will be the first to enact a strategic Bitcoin reserve, Porter confidently named Utah. Despite being the most recent state to propose such legislation, Utah has the shortest decision-making period for government legislations, which is 45 days.
Utah’s Potential for Bitcoin Reserve Legislation
“No one else has a faster calendar, and no one else has more political momentum and willpower to get it done,” Porter added.
He also highlighted Utah’s digital asset taskforce, which is devoted specifically to voting on crypto and web3 related bills during the off-season.
Porter stated, “Every single bill that has come out of that task force has ultimately passed into law over the last several years, and our strategic Bitcoin reserve legislation just passed out of that task force.”
Porter is “very bullish and very supportive of the legislation at the federal level” but believes that states will benefit most from having a Bitcoin strategic reserve. This is because states need to protect their limited budgets, which are funded by taxes. If the dollar’s value drops, so does their budget. A Bitcoin reserve allows them to diversify their assets and further secure their funds by storing them in Bitcoin.
Recently, Bitcoin’s value fell after Trump announced trade tariffs of up to 25% on imports from Canada and Mexico and 10% on Chinese goods. Bitcoin’s value has decreased by more than 4% in the past 24 hours and is currently trading at $95,275.
Porter argued that states have the capability to shield themselves from federal-level debasement and ensure they can continue to fund their existing programs without raising taxes.
Senator Lummis, who has been advocating for a strategic Bitcoin reserve at the national level, concurred with Porter’s point that states will be the first to establish a strategic Bitcoin reserve. Lummis previously served as the Treasurer for the state of Wyoming.
Lummis stated, “States are the innovators of the country, they’re the incubators of innovation, and so I think some of these states are going to see the advantages first.”
Currently, Lummis and her team are striving to form a bipartisan coalition to pass the strategic Bitcoin reserve bill at the federal level. She said, “We want to make sure that this is bipartisan and it has to be to get the 60% vote threshold required in the US Senate. And I’ve been working with colleagues in the [White] House to promote this idea, and we’re having good success.”
