US State Set to Embrace Bitcoin: A New Era of Cryptocurrency Adoption
Dennis Porter, the co-founder and CEO of the Satoshi Action Fund (SAF), made a groundbreaking announcement at Michael Saylor’s $100K New Year’s Eve Bitcoin Party in Miami. He revealed that a US state is poised to begin purchasing Bitcoin (BTC) in the coming months, marking a significant milestone in the cryptocurrency’s adoption at the state level.
Imminent State-Level Bitcoin Acquisition
During the event, Porter addressed a range of inquiries regarding the anticipated state-level Bitcoin acquisition. When questioned about the prospect of a state, potentially Texas, purchasing BTC by the following year, Porter offered a detailed perspective.
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“It’s an intriguing statement and an accurate forecast. However, it might be slightly premature. It would be more precise to say that one of the initial states will incorporate Bitcoin into its balance sheet. The Texas legislation does not permit direct Bitcoin purchases. It allows for donations and tax payments in Bitcoin,” Porter explained.
The Mission of the Satoshi Action Fund
Porter elaborated on the objectives of the Satoshi Action Fund, highlighting its role as a nonprofit organization committed to advocating for Bitcoin. The SAF seeks to educate lawmakers and regulators about the benefits of Bitcoin, facilitating its adoption by developing model policies for legislative enactment. To date, SAF has introduced 30 bills across 20 states, effectively reaching nearly half of the United States.
Protecting Bitcoin Rights
Porter emphasized the importance of safeguarding Bitcoin rights, including the rights to self-custody, mining, operating a node, and engaging in peer-to-peer transactions. Currently, these rights are protected in Oklahoma, Louisiana, Arkansas, and Montana. However, Porter assured that this is only the beginning, with many more states anticipated to follow suit.
Future Legislative Developments
Looking forward to 2025, Porter expressed optimism about further legislative advancements in Bitcoin adoption. He noted that between 10 to 12 states are expected to introduce strategic Bitcoin reserve legislation. When asked about the potential speed of these legislative developments, Porter confidently stated that rapid progress is possible. In fact, he mentioned that one state is nearly guaranteed to pass SAF’s legislation into law.
Anticipated Bitcoin Acquisition
While Porter refrained from identifying the specific state poised to make the Bitcoin acquisition, he emphasized the certainty of the forthcoming development. He explained that a state task force, which meets in the offseason, has approved the Strategic Bitcoin Reserve bill. Historically, every bill endorsed by this task force has been enacted into law. Consequently, Porter expressed a high degree of confidence that the bill would pass, enabling the state to commence Bitcoin purchases imminently.
At the time of this announcement, Bitcoin was trading at approximately $96,599, reflecting its ongoing volatility and potential as a strategic asset for states seeking to diversify their reserves.
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