Strategic Bitcoin Reserves: A New Era for State Legislation
US States Gear Up for Strategic Bitcoin Reserves Initiative
Dennis Porter, the dynamic CEO and Co-Founder of the Satoshi Act Fund, has revealed a groundbreaking move by ten US states to propose legislation aimed at creating a Strategic Bitcoin Reserve (SBR) at the state level. This is not the first time the Satoshi Act Fund has been at the forefront of such initiatives, having been pivotal in Pennsylvania’s historic introduction of the Bitcoin Strategic Reserve Act, which allows the state to allocate up to 10% of its funds into Bitcoin.
Momentum Grows for Bitcoin Legislation
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On December 3, Porter enthusiastically shared via social media platform X, “I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United States of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The world will follow our lead.”
Challenges and Support for Bitcoin Legislation
Porter acknowledged the significant logistical challenges of implementing such legislation across multiple states and appealed for financial backing to meet these challenges. “Passing laws in 10 states will require a lot of travel,” he stated. “We can pass bills if we have the funds. This is where you can help.” Supporters were encouraged to contribute through a fundraising page, where the goal is to raise $500,000 in 60 days, with the initial $50,000 matched.
Objectives of the Fundraising Campaign
The Satoshi Act Fund’s fundraising campaign is strategically designed to achieve several critical objectives. These include the establishment of SBRs in numerous states, the passage of Bitcoin rights legislation that ensures the right to mine, self-custody, and operate a node, as well as the termination of “Operation Chokepoint 2.0,” which involves the debanking of Bitcoin-related enterprises. The organization confidently predicts that “governments will be buying Bitcoin in the USA in less than six months” as part of this bold initiative.
Proven Track Record: Satoshi Act Fund’s Achievements
Porter highlighted the organization’s impressive track record to instill confidence in their mission. The Satoshi Act Fund has successfully passed four bills into law across four distinct states, pioneered the introduction of SBR legislation, and facilitated over 30 bill introductions in more than 20 states. Additionally, they have dispatched 200,000 letters to lawmakers nationwide and delivered more than 20 testimonies at public hearings advocating for Bitcoin.
Collaboration with US Senator Cynthia Lummis
Furthermore, Porter announced an impending announcement with US Senator Cynthia Lummis, who introduced the Bitcoin Act of 2024, which aims to establish a federal SBR by acquiring 1 million Bitcoins over five years. “In less than 48 hours, I will join US Senator Cynthia Lummis to share a major update in the progress for Strategic Bitcoin Reserves. Bitcoin is winning in the USA,” he wrote on X. The event is slated for an X Space session tomorrow at 4 pm EST.
The Competitive Edge: Racing Against Time
Expressing a sense of urgency and competition, Porter drew parallels between his efforts and those of President-elect Donald Trump, who has pledged to establish an SBR at the Bitcoin 2024 conference in Nashville earlier this year. “I am convinced I will pass SBR legislation at the state level before Donald Trump. 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,” he asserted.
Bitcoin Market Update
As of the latest updates, Bitcoin is trading at $95,375, showing some fluctuations in the market. The cryptocurrency’s journey continues to capture the interest of investors and governments alike, as strategic decisions are being made across the country.
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