In a delightful twist of fate that could only be concocted by the fates of finance, Dennis Porter, the illustrious founder and CEO of the Satoshi Act Fund, has declared with all the confidence of a man who has just discovered a hidden stash of vintage port, that Utah shall be the first state to pass a strategic Bitcoin reserve legislation in the grand old U.S. of A. 🥳
During a rather riveting tête-à-tête with Simply Bitcoin and the ever-enthusiastic Republican Senator Cynthia Lummis, Porter regaled us with tales of 11 states already dabbling in the delightful dance of strategic Bitcoin (BTC) reserve legislations. He boldly predicts that this number could swell to a staggering 15 states by the end of the year, as lawmakers engage in a veritable race to the Bitcoin finish line. 🏁
“We think we’ll get to 15 within 2025 alone,” he proclaimed, “and it could be many more than that! Some states might even have multiple bills, as lawmakers are now competing to be the first in their own state. It’s like a game of musical chairs, but with more spreadsheets and fewer chairs!”
When pressed on which state would take the crown, Porter placed his bets on Utah. Yes, the very same Utah that has only just joined the fray of 11 states. But fear not! Porter assures us that Utah boasts the swiftest legislative calendar, clocking in at a mere 45 days for decision-making. “No one else has a faster calendar,” he quipped, “and no one else has more political momentum and willpower to get it done. It’s like watching a well-oiled machine, if that machine were powered by Bitcoin!”
But wait, there’s more! Porter waxed lyrical about Utah’s digital asset taskforce, a merry band of crypto enthusiasts dedicated to voting on bills related to the digital realm during the off-season. “Every single bill that has come out of that task force has ultimately passed into law over the last several years,” he said, puffing out his chest with pride. “And our strategic Bitcoin reserve legislation just passed out of that task force. It’s like a stampede of success!”
Porter, ever the optimist, expressed his bullish sentiments regarding federal legislation, but he firmly believes that the states will be the true beneficiaries of a Bitcoin strategic reserve. “States have a limited budget acquired through taxes that they must protect at all costs,” he explained, “and if the value of the dollar plummets, so does their budget. With a Bitcoin reserve, they can diversify their assets and protect their funds. It’s like putting your money in a safe, but the safe is made of Bitcoin!”
However, in a plot twist worthy of a Shakespearean comedy, Bitcoin took a nosedive today after Trump announced trade tariffs that could make even the most stoic investor weep. BTC has plummeted by more than 4% in the past 24 hours, currently trading at a rather disheartening $95,275, according to crypto.news. “Oh, the humanity!”
“They have the ability to protect themselves from the debasement that is occurring at the federal level,” Porter continued, “and ensure that they can continue to pay for the programs they currently have without having to raise taxes. It’s like finding a hidden stash of cash in your old coat!”
Senator Lummis, a tireless advocate for a strategic Bitcoin reserve on the national stage, nodded in agreement with Porter. “States are the innovators of the country,” she declared, “they’re the incubators of innovation, and I think some of these states are going to see the advantages first. It’s like a race, and Utah is off to a flying start!”
At present, Lummis and her team are diligently working to assemble a bipartisan coalition to get the strategic Bitcoin reserve bill passed at the federal level. “We want to make sure that this is bipartisan,” she said, “and it has to be to get the 60% vote threshold required in the US Senate. I’ve been working with colleagues in the [White] House to promote this idea, and we’re having good success. It’s like herding cats, but with more suits!”
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2025-02-03 13:43