By Frank Martin (MoneyAmped.com)
According to Satoshi Action Fund boss Denis Porter, Utah could become the first American state to pass a bill that would lead to the establishment of a Bitcoin reserve. He argues that massive political momentum in this state and the shorter legislative window are among the primary factors that could enable Utah to create a Bitcoin reserve earlier than others.
Why the Creation of a Bitcoin Reserve in Utah Seems Likely
Speaking to pro-crypto lawmaker Cynthia Lummis on Sunday, Porter said Utah will likely approve the proposed Bitcoin reserve bill within 45 days. But why is he optimistic? He argues that no other state has more pro-crypto policymakers than Utah. That could be true, considering that one of the state’s House committees voted in favor of the proposal on January 28th.
If approved, the bill will allow Utah to invest a certain percentage of public funds into BTC and other crypto assets with a market capitalization of at least $500 billion. As of February 3rd, only Bitcoin meets this criteria.
Meanwhile, Porter claims that every bill Utah’s House Economic Development Committee has voted for in the past five years became law. Therefore, he’s almost certain that the Bitcoin reserve proposal will have a similar fate.
More US States Table Bitcoin Reserve Bills
Besides Utah, several other US states have tabled bills for a Bitcoin reserve in the past two months. They include Arizona, North Dakota, Pennsylvania, New Hampshire, Wyoming, and Oklahoma. State officials in South Dakota, Kentucky, Florida, and Alabama have openly supported the idea of creating a Bitcoin reserve but haven’t introduced any bill.
As various US states plan to adopt Bitcoin, Lummis says she looking to introduce a Bitcoin reserve bill at the national level. For this bill to be approved, at least 60 Senators must support it. And if it becomes law, the US government will buy 1 million BTC over the next 5 years.
In December, Lummis tweeted that the proposed BTC purchases could be financed by cashing out a portion of the US gold reserves worth over $450 billion.
