Utah Poised to Become First US State with Bitcoin Reserve: Dennis Porter

Utah could soon become the first state in the United States to establish a Bitcoin reserve, thanks to a combination of political momentum and an expedited legislative timeline.

In an interview with US Senator Cynthia Lummis, Satoshi Action Fund CEO Dennis Porter shared that Utah has a unique advantage, with only 45 days to decide on the bill. Porter believes the state’s fast-moving legislative window and growing political will make it a strong contender to take the lead in the Bitcoin reserve movement.

Utah to Lead Bitcoin Reserve Effort?

Porter’s comments came after Utah’s House Economic Development Committee voted overwhelmingly in favor of a bill on January 28, paving the way for the state to invest a portion of its public funds in Bitcoin and other cryptocurrencies with a market capitalization exceeding $500 billion.

This bill would also permit the investment in approved stablecoins, signaling the state’s readiness to embrace digital assets. With the bill receiving broad support within the committee, many experts now believe Utah is primed to set a precedent for other states looking to explore Bitcoin reserves .

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Porter emphasized that Utah’s track record in passing legislation in the Economic Development Committee further strengthens the belief that the state will be the first to implement this innovative reserve. Over the last several years, every bill that has passed through the committee has been signed into law, increasing confidence that this Bitcoin bill will be no exception.

While Utah is on the brink of potentially becoming the first state to establish a Bitcoin reserve, other states are not far behind. Arizona has already moved forward with a similar bill, while states like Illinois, Ohio, and Texas have introduced their own proposals to create Bitcoin reserves. Furthermore, officials in Alabama, Florida, and other states have expressed public support for the idea, although formal bills have yet to be introduced.

At the federal level, progress is also being made. Senator Lummis has introduced a bill that aims for the United States to accumulate 1 million Bitcoin over the next five years. Should it pass, the plan would involve using a combination of asset seizures and possibly liquidating portions of the nation’s gold reserves. According to a VanEck analysis, Bitcoin could reduce the national debt by 35% by 2049 if its price continues to rise.