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Cryptopolitan 2025-01-27 00:36:07

States race to lead as Trump’s strategic Bitcoin Reserve proposal gains momentum

States race to lead as Trump’s strategic Bitcoin Reserve proposal gains momentum

According to Dennis Porter, CEO and founder of Satoshi Action Fund, 16 US states will introduce Strategic Bitcoin Reserve legislation. This comes months after President Donald Trump advocated starting a national strategic Bitcoin reserve on his campaign trail at the Nashville Bitcoin Conference. Porter commented on X: I can confirm that at least 15 states will introduce ‘Strategic Bitcoin Reserve’ legislation. Maybe even 16. As a reminder, only 3 months ago, this number was zero. Dennis Porter Bitcoin investors and enthusiasts are pleased with the reserve momentum among the US States Following Porter’s post, several Bitcoin enthusiasts supported the states’ decision, happy with the growing momentum. Jimmy Kostro, CEO of the Kostro Foundation in Thailand, encouraged other US states to do the same, hoping that at least half of the nation’s states would accept Bitcoin reserves. He added that he was proud of everything the US states had done so far. MDX ALGO, an algorithmic trading system, even called the Bitcoin reserve momentum “undeniable.” Earlier, Porter had predicted that at least one G7 and one BRICS country would establish Bitcoin reserves, and with more states in the US jumping the gun before a formal national decision, it’s looking good for the US. Moreover, Porter and his Satoshi Action Fund helped to draft legislation for the “Bitcoin Rights” bill in Pennsylvania and in 20 other states, in an attempt to educate lawmakers on the top cryptocurrency. Ohio joins the list of States proposing Bitcoin reserves Ohio’s State Representative Steve Demetriou, along with six others, pushed for a new house bill that would allow the state treasurer to allocate 10% of the state’s funds to buy digital assets, including Bitcoin, for a crypto reserve. Demetriou insisted that a reserve would protect the state’s funds from inflation and any economic uncertainties. Ohio legislation, like most other states, has maintained tech neutrality, using the general term “digital asset” instead of explicitly mentioning Bitcoin. However, even if it is passed, the bill will only qualify Bitcoin as a reserve asset so far. The legislation mandates that crypto assets kept in the state’s reserves should have an average market capitalization of at least $750 billion over the preceding 12 months. Bitcoin’s market cap stands at $2.07 trillion, the only digital asset meeting the market cap requirement so far. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

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