13 US states are pushing for Bitcoin reserves

With Bitcoin emerging as a strong competitor to traditional assets such as gold, there is a growing global debate about Bitcoin’s role as a national reserve asset.

It was President-elect Donald Trump who sparked conversations about Bitcoin reserves after he endorsed them as the “core of financial independence” for the United States.

The United States is looking to Bitcoin as a financial lifeline

now, According to Dennis PorterCEO and Co-Founder of Satoshi SAC At least 13 US states, out of a total of 50, are working to create Bitcoin reserves.

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

In november, Senator Cynthia Lummis Initially suggested creating A Bitcoin Reserve in the United States. In a Separate tweetPorter added that there will be a “tidal wave” of Bitcoin politics in 2025.

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

This news is not entirely surprising as several US lawmakers have already come forward to support Bitcoin reserves.

Ohio’s Derek Mirren While the US dollar faces currency depreciation, Bitcoin offers a way to diversify a country’s portfolio and protect public funds, he said in December. Filed a bill to create a Bitcoin reserve with the Ohio State Treasury.

The Texas representative also introduced a BTC reserve bill in December. But instead of buying Bitcoin directly, the bill allows it Texas receives taxes, fees, and donations in BTC.

Similar legislation has been introduced in states Pennsylvania and Florida. Pennsylvania’s bitcoin law proposes allocating up to 10% of the state’s $7 billion in state treasury funds to bitcoin.

In fact, an asset management company VanEck recently predicted That the United States could reduce its national debt by 36% by 2025 if it adopted Bitcoin reserves.

Bitcoin reserve discussions are also gaining momentum globally. Countries like Japan, Switzerland, and Russia are trying to create a BTC reserve. For example, cities like Vancouver has already agreed Plan to incorporate Bitcoin into their financial reserves.

Interestingly, governments are not the only ones The race to own Bitcoin. Companies like MicroStrategy, Tesla, Marathon Digital, and many others also store them.