Satoshi Act Fund founder and CEO, Dennis Porter, is certain that Utah will be the first state to pass a strategic Bitcoin reserve legislation in the U.S.
In an interview with Simply Bitcoin and Republican Senator Cynthia Lummis, Porter explained that there are already a total of 11 states that have introduced strategic Bitcoin (BTC) reserve legislations. He predicts the number could even reach 15 states within this year.
“We think we’ll get to 15 within 2025 alone, it could be many more than that and some states will have multiple bills because lawmakers are now competing to be the first one in their own state,” said Porter.
When asked which U.S. state he believes will be the first to pass a strategic Bitcoin reserve, Porter placed his confidence in Utah. Despite the state being the latest one to introduce the law out of the list of 11 states, Porter said Utah had the shortest period for finalizing decisions on government legislations, which is 45 days.
“No one else has a faster calendar, and no one else has more political momentum and willpower to get it done,” he added.
Not only that, he also went on to explain about Utah’s digital asset taskforce, which is dedicated specifically to voting on bills related to crypto and web3 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, and our strategic Bitcoin reserve legislation just passed out of that task force,” said Porter.
In addition, Porter said that he is “very bullish and very supportive of the legislation at the federal level” but at the end of the day, he said states will be the ones to flourish from having a Bitcoin strategic reserve.
This is because states have a limited budget acquired through taxes that they must protect at all cost. If the value of the dollar plummets, then so does their budget. With a Bitcoin reserve, they are able to diversify their assets and further protect their funds by storing them in Bitcoin.
Just today, Bitcoin took a tumble after Trump announced trade tariffs of up to 25% on imports from Canada and Mexico and 10% on Chinese goods. BTC has gone down by more than 4% in the past 24 hours and is currently trading at $95,275 according to crypto.news.
“They have the ability to protect themselves from the debasement that is occurring at the federal level and ensure that they can continue to pay for the programs that they currently have without having to raise taxes,” said Porter.
Senator Lummis, who has been pushing for a strategic Bitcoin reserve on the national level, agreed with Porter when he said that states will be the first to implement a strategic Bitcoin reserve. Lummis previously served as the Treasurer for the state of Wyoming.
“States are the innovators of the country, they’re the incubators of innovation, and so I think some of these states are going to see the advantages first,” said Lummis.
At the moment, Lummis and her team are working towards getting a bipartisan coalition to get the strategic Bitcoin reserve bill passed on the federal level.
“We want to make sure that this is bipartisan and it has to be to get the 60% vote threshold required in the US Senate. And I’ve been working with colleagues in the [White] House to promote this idea, and we’re having good success,” said Lummis.
