As a seasoned researcher with a keen eye for technological trends and their political implications, I find this recent development both fascinating and potentially groundbreaking. Dennis Porter’s ambitious initiative to establish sovereign Bitcoin reserves across multiple U.S. states is reminiscent of the gold rush of the 19th century, albeit in the digital realm.
As a crypto investor, I’m excited to share some intriguing news: Dennis Porter, the founder of Satoshi Act Fund, has revealed that multiple U.S. states are considering drafting bills to establish sovereign Bitcoin reserves.
To get ahead of President Donald Trump’s potential support for Bitcoin (BTC), Porter has been advocating to lawmakers in 10 different state jurisdictions for legislation that would create Bitcoin reserves. He announced this progress on the X thread, emphasizing the work his Satoshi Act Fund is doing to pass laws favorable to Bitcoin.
I am pleased to verify and share the news that ten states within the United States are planning to enact laws concerning ‘Strategic Bitcoin Reserves’. Our goal is to excel with Bitcoin, taking the lead globally. No other nation will even come close. The world’s attention will follow our example.
Dennis Porter, Satoshi Act Fund founder and CEO
In a recent announcement, the public backing of BTC revealed plans for a collaborative dialogue with Wyoming Senator Cynthia Lummis concerning her Bitcoin Act. This move implies that Porter is actively working with federal representatives, aiming to establish the United States as a pioneer in Bitcoin leadership.
Senator Lummis’s suggestion involves moving 207,000 Bitcoin confiscated by authorities into the custody of the Treasury Department. Furthermore, he advocates for transforming U.S. gold certificates into funds to buy Bitcoin, aiming to amass approximately one million coins within a five-year period.
The competition has started. It’s time for game theory to play out, Porter tweeted, hinting at President Trump’s proposal to accumulate a government Bitcoin reserve using the country’s current $19 billion worth of Bitcoin.
As a passionate crypto investor, I firmly believe that I can successfully push through the Strategic Bitcoin Reserve legislation at the state level before President Trump. However, if he wishes to triumph, his only viable option would be to issue an executive order during his first week in office.
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Countries, administrations, and governing bodies are hastening to acquire sections of Bitcoin’s 21 million fixed allocation after Trump’s win in the presidential election. Within the United States, Pennsylvania has already passed legislation allowing Bitcoin transactions and individual crypto custody. Additionally, a bill was introduced in November that lays the groundwork for establishing a Bitcoin reserve within the state itself.
Globally, there’s discussion in Brazil about establishing a national Bitcoin reserve, with the proposal being made to President Luiz Inácio Lula da Silva. This idea was initially presented by Congressman Eros Biondini within the Chamber of Deputies, as reported by crypto.news.
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2024-12-03 23:46