Ten US States Confirm Legislation for Strategic Bitcoin Reserves
The implementation of strategic Bitcoin reserves in the United States is imminent, as announced by Dennis Porter, CEO of the nonprofit Satoshi Action Fund (SAF). Ten states have confirmed plans to introduce legislation for these reserves.
Porter has assisted Texas lawmakers in creating necessary legislation and has helped Pennsylvania propose allocating up to 10 percent of its state treasury reserves in Bitcoin. He plans to join Wyoming Senator Cynthia Lummis on December 5 to discuss progress regarding the national strategic Bitcoin reserve. Porter indicated that the next U.S. president could implement this reserve through an executive order shortly after taking office.
I am convinced I will pass Strategic Bitcoin Reserve legislation at the state level before @realDonaldTrump. The only way he wins is if he does an executive order the very first week he is in office.
The race is on.
Let the game theory begin.
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Influence of US Bitcoin Bid on Other Nations
Discussions about Bitcoin adoption in the U.S. highlight deteriorating financial conditions globally. The U.S. national debt exceeds $36 trillion, prompting the potential Trump administration to consider spending cuts through the DOGE program led by Elon Musk and Vivek Ramaswamy. Countries like Japan have seen their national debt-to-GDP ratio surpass 100 percent, making Bitcoin reserves a viable solution to combat rising global debts exceeding $330 trillion.
El Salvador's success with Bitcoin adoption has encouraged other countries to adopt favorable Bitcoin laws. Recently, Russia recognized Bitcoin and other cryptocurrencies as legal property. Changes are also occurring in China, where several companies have adopted Bitcoin as a strategic reserve following the approval of spot Ether and BTC ETFs in Hong Kong.
Market Impact
Porter believes that nation-state adoption of Bitcoin will increase demand amid limited supply. Currently, approximately 2.27 million Bitcoin are available on centralized exchanges, a multi-year low. With growing institutional interest in crypto assets, Bitcoin is expected to experience upward price momentum in the coming months and decades.