Dennis Porter Announces 11 US States and 2 Nations Pursuing Bitcoin Reserve Legislation
As Bitcoin holders celebrated reaching the $100K milestone, Dennis Porter, CEO of Satoshi Action Fund, announced increased legislative focus on strategic Bitcoin reserves. Up to 11 U.S. states and two nation-states are preparing to implement related legislation.
Porter confirmed that the Satoshi Action Fund is collaborating with 10 states while monitoring developments at the federal level. He plans to share updates alongside Republican Senator Cynthia Lummis later today regarding progress on Strategic Bitcoin Reserves.
Porter anticipates that a strategic Bitcoin reserve act will pass at the state level before potential actions from the next Trump administration, unless an executive order is issued early in the term. He noted growing recognition among U.S. regulators that the dollar can coexist with Bitcoin long-term. Additionally, Swiss lawmaker Samuel Kullmann has proposed allowing Bitcoin holders to pay taxes using digital assets.
Tech billionaire Elon Musk praised El Salvador’s Bitcoin strategy following significant gains year-to-date.
Impressive
— Elon Musk (@elonmusk) December 5, 2024
Market Impact on Bitcoin
The anticipated adoption of Bitcoin by nation-states may drive a major rally towards $1 million. Porter believes Bitcoin could serve as a neutral financial layer between the BRICS movement and the U.S.-led SWIFT system. He cautioned that Bitcoin supply will diminish as nation-states begin acquiring it to address debt crises. Recent data indicates that Bitcoin available on centralized exchanges has fallen by over 135,000 coins in the past month, now totaling approximately 2.26 million.
If the U.S. approves strategic Bitcoin reserve legislation, it could acquire 1 million BTC within five years. Michael Saylor, founder of MicroStrategy Inc., suggested that under a potential Trump administration, the country might purchase up to 6 million Bitcoins to cover its $36 trillion debt.
The BITCOIN Act is a humble proposal (as you can see below). A jumping off point. Let’s pass it quickly so we can move on to Trump Max. https://t.co/IyIxMe0RH0
— Cynthia Lummis 🦬 (@CynthiaMLummis) December 4, 2024
Ultimately, Bitcoin is expected to surpass gold in market capitalization as investors seek to secure generational wealth through digital assets.