At Least 13 US States Are Working on Creating Bitcoin Reserves, Says Satoshi Action Fund CEO

States Eye Bitcoin as a Financial Lifeline

As Bitcoin continues to gain mainstream adoption, several US states are reportedly considering creating Bitcoin reserves.

According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund (SAC), at least 13 states are working on 'Strategic Bitcoin Reserve' legislation.

“I can confirm that at least 13 states are working on ‘Strategic Bitcoin Reserve’ legislation. January is going to be a record breaking month for Bitcoin policy,” Porter tweeted on January 3.

In November, Senator Cynthia Lummis initially proposed establishing a Bitcoin reserve in the US. In a separate tweet, Porter added that there would be a ‘tidal wave’ of Bitcoin policy in 2025.

“Another state Senator emailed us and wants to do ‘Strategic Bitcoin Reserve’ legislation. There is a tidal wave of Bitcoin policy coming and SatoshiActFund is leading the way,” he said.

The news is not entirely surprising as several US lawmakers have already come forward in support of Bitcoin reserves.

Ohio's Derric Merin said in December that as the US dollar faces devaluation, Bitcoin offers a means to diversify the state's portfolio and protect public funds. He introduced a bill to establish a Bitcoin reserve with Ohio's treasury.

A Texas representative also introduced a BTC reserve bill in December. But instead of directly purchasing Bitcoin, the bill would allow Texas to receive taxes, fees, and donations in BTC.

Similar legislations were introduced in the states of Pennsylvania and Florida. The Pennsylvania Bitcoin Act proposes allocating up to 10% of the state's $7 billion treasury funds to Bitcoin.

In fact, asset management firm VanEck recently predicted that the US could cut its national debt by 36% by 2025 if it adopts a Bitcoin reserve.

Bitcoin reserve discussions are also gaining traction globally. Countries like Japan, Switzerland, and Russia are attempting to establish a BTC reserve. For instance, cities like Vancouver have already approved a plan to incorporate Bitcoin in their financial reserves.

Interestingly, governments are not the only ones racing to own Bitcoin. Companies like MicroStrategy, Tesla, Marathon Digital, and many others are also hoarding it.