Utah has the chance to become the first US state to establish a Bitcoin reserve, with a rapid legislative process and strong political support.
Political Support in Utah
According to Dennis Porter, CEO of Satoshi Action Fund, Utah has a 'very good shot' to be the first US state to establish a Bitcoin reserve due to its 45-day decision window and robust political backing. Recently, a state house committee voted in favor of a bill that would allow the state to invest a portion of public funds into Bitcoin and other cryptocurrencies with a market capitalization above $500 billion.
Other States and Legislative Initiatives
Arizona is another state that has made headway, while states like Illinois, Ohio, Massachusetts, and others have introduced bills to establish a Bitcoin reserve. Officials from Alabama, Florida, Kentucky, and South Dakota have expressed public support for such reserves, though no bills have been introduced yet.
Federal Level and Prospects
On a federal level, Senator Cynthia Lummis is promoting a bill to establish a Bitcoin reserve for the US, needing at least 60 votes in the Senate for bipartisan support. The plan aims to accumulate 1 million Bitcoins over the next five years, representing 5% of the current total supply. This could involve using Bitcoins seized from assets and selling part of the US gold reserves.
The establishment of Bitcoin reserves at state and federal levels could influence US economic policy, with potential impacts including a significant reduction in the national debt.
