Key Points
- CEO of Satoshi Action Fund, Dennis Porter, announces plans for 11 US states and two nations to implement strategic Bitcoin reserve legislation.
- Porter believes that Bitcoin will thrive alongside the US dollar and will be adopted by more nation-states, accelerating the next major rally.
Dennis Porter, the CEO and co-founder of Satoshi Action Fund, has revealed that numerous legislators are considering implementing a strategic Bitcoin reserve.
The Satoshi Action Fund has confirmed that up to 11 states in the United States and two nation-states are preparing to enact legislation for a strategic Bitcoin reserve.
Strategic Bitcoin Reserves
Earlier this week, Porter confirmed that the Satoshi Action Fund is collaborating with 10 states and is also closely observing the same situation at the Federal government level.
Porter also announced that he will be joined by Republican Senator for Wyoming, Cynthia Lummis, to share a significant update on the progress for Strategic Bitcoin Reserves.
Porter is optimistic that a strategic Bitcoin reserve act will be passed at the state level before the upcoming Trump administration implements the same, unless the president issues an executive order in the first week of office.
According to Porter, more US regulators understand that the US dollar will survive and thrive alongside Bitcoin in the long haul.
Outside the United States, Swiss lawmaker Samuel Kullmann proposed a strategic Bitcoin reserve to allow Bitcoin holders to pay taxes via digital assets.
Market Impact on Bitcoin
The adoption of Bitcoin by nation-states is expected to speed up the next major rally towards $1 million.
Porter is confident that Bitcoin will act as a neutral network of a robust financial layer between the BRICS movement and the United States-led SWIFT.
However, Porter warned investors that the supply of Bitcoin available for sale will eventually deplete once nation-states begin purchasing to hedge their respective debt crisis.
If the United States approves legislation on a strategic Bitcoin reserve, the country could purchase 1 million BTC units in the next five years.
Michael Saylor, the founder of MicroStrategy Inc (NASDAQ: MSTR), noted that a potential Trump max could see the country purchase up to 6 million Bitcoins to fully repay the country’s debt of over $36 trillion.
Ultimately, BTC will outshine gold in market capitalization as more investors look to purchase a share of digital gold to secure a lifetime of generational wealth.
