The founder and CEO of the Satoshi Act Fund, Dennis Porter, is sure that Utah will be the first state to pass a strategic bitcoin Reserve Act in America
In Interview With simply bitcoin and Republican Senator Synthia Lumis, Porter reported that there are already a total of 11 states that have introduced strategic bitcoin (BTC) reserved legislation. He predicts that the number can also reach 15 states within this year.
“We feel that we alone will reach 15 within 2025, it can be much higher than that and some states will have many bills because law manufacturers are now competing for being one in their own state,” Porter Said.
When asked which American state is there, he believes that the first to pass a strategic bitcoin reserve, Porter kept his confidence in Utah. Despite being the latest to present the law out of the list of 11 states to the state, Porter said Utah had the shortest duration to finalize decisions on government laws, which is 45 days.
He said, “No one else has a sharp calendar, and no one else has more political speed and will to complete it,” he said.
Not only this, he also explained about Utah’s digital asset taskforce, which is particularly dedicated to voting on bills related to crypto and web 3 during the off-season.
“Every bill that has come out of that task force, eventually passed in the law over the last several years, and our strategic bitcoin reserve law has just been out of that task force,” said Porter.
In addition, Porter said that he “supports the federal level greatly and supports the law” but at the end of the day, he said that the state bitcoin would be strategic reserves.
This is because the states receive a limited budget through taxes, which they should protect at all costs. If the value of the dollar falls, it is their budget. With a bitcoin reserve, they are able to diversify their property and protect their money by storing them in bitcoins.
Today, Bitcoin made a tumble by Bitcoin after announcing trade tariffs up to 25% on imports from Canada and Mexico and 10% on Chinese goods. BTC has been reduced by more than 4% in the last 24 hours and is currently trading at $ 95,275 as per Crypto.news.
“They have the ability to protect themselves from the federal level debut and ensure that they can continue to pay for programs that are currently without increasing taxes,” Porter said.
Senator Lumis, who is emphasizing for a strategic bitcoin reserve at the national level, agreed with Porter when he said that the state would be the first to implement a strategic bitcoin reserve. Lummis first served as a treasurer for the Vyoming state.
“The state is the neo -renovator of the country, they are incubators of innovation, and so I think some of these states are going to see the first advantages,” Lummis said.
Currently, Lummis and his team are working towards obtaining a bilateral alliance to achieve a strategic bitcoin reserve bill at the federal level.
“We want to make sure it is bipartisan and will have to get the 60% vote threshold required in the American Senate. And I’m working with colleagues [White] House to promote this idea, and we are getting good success, ”Lummis said.
