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Cryptocurrency News Articles

Amid the buzz surrounding President Donald Trump's proposal to establish a Strategic Bitcoin [BTC] Reserve for the United States, individual states appear to be aligning with the movement

Jan 27, 2025 at 02:00 am

The initiative has gained momentum, with Dennis Porter, co-founder of the Satoshi Action Fund (SAF), revealing on X (formerly Twitter) that a state legislator

Amid the buzz surrounding President Donald Trump's proposal to establish a Strategic Bitcoin [BTC] Reserve for the United States, individual states appear to be aligning with the movement

Amidst President Donald Trump's proposal to establish a Strategic Bitcoin [BTC] Reserve for the United States, individual states appear to be aligning with the movement. Another state is reportedly joining the initiative, as revealed by Dennis Porter, co-founder of the Satoshi Action Fund (SAF).

In a post on X (formerly Twitter) on Friday, a state legislator expressed interest in supporting the reserve through private messages. Porter highlighted this development in his post, which reads, “A state lawmaker just hit me up in my DMs. Another State will be joining the ‘Strategic Bitcoin Reserve’ movement. The states will lead.”

In a separate tweet, Porter further stated, “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.”

Replying to Porter's post, a user commented on the significance of this initiative, stating, “States embracing Bitcoin reserves show where the real innovation is happening—bottom-up leadership while the federal level drags its feet.”

This initiative has gained momentum following President Trump's directive to establish a cryptocurrency working group and interest in exploring the creation of a cryptocurrency stockpile. While Polymarket data on the question, “Will Trump create a Bitcoin reserve in his first 100 days?,” indicates skepticism among bettors with only a 21% probability, Ohio has already taken steps to introduce a bill for a ‘Strategic Bitcoin Reserve.'

Spearheaded by the Majority Whip and backed by six co-sponsors, the bill permits the state to allocate up to 10% of its general fund, budget stabilization fund, and prize trust fund into BTC.

The bill also includes measures like mandating self-custody or qualified custodians for asset management to minimize political opposition. It broadly defines the asset class as “digital asset” but maintains a focus on Bitcoin by stipulating specific market capitalization and average price thresholds over a 12-month period, which currently apply only to BTC.

Billionaire and Bitcoin fan Vivek Ramaswamy also highlighted this development on X, posting a screenshot of a relevant article with the caption, “The magnificent state of Ohio. This is the way.”

This initiative aligns with President Trump's commitment to reshaping national crypto policies, which include exploring the creation of a cryptocurrency stockpile.

Despite Polymarket data casting doubt on immediate developments, the growing interest from states like Wyoming and Massachusetts, and Switzerland considering BTC for its reserves, signals a broader shift in attitudes.

Recent legislative efforts in Texas and Oklahoma also indicate that the idea of a Bitcoin Reserve is no longer just theoretical. As a result, we might be witnessing the early stages of a new era for Bitcoin's role in financial systems.output

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Other articles published on Jan 27, 2025