This follows an 8-1 committee vote in Utah favoring legislation that would allow public fund investment in cryptocurrencies with market caps above US$500 billion.
The state’s 45-day legislative calendar and strong political support give it an advantage over other states considering similar measures, according to Porter.
“No one else has a faster calendar, and no one else has more political momentum,” Porter said in a Simply Bitcoin interview with Senator Cynthia Lummis.
‘Strategic Bitcoin Reserve’ is coming.
The states will lead. 🇺🇸 https://t.co/Hig0HuT4Vm— Dennis Porter (@Dennis_Porter_) February 1, 2025
While Arizona has reached a similar legislative stage, ten other states have introduced Bitcoin reserve bills, and four additional states have endorsed the concept without formal legislation.
Utah’s potential pioneering move could set a precedent for how public institutions approach cryptocurrency investment and reserves.
At the federal level, Senator Lummis’s bill proposes acquiring 1 million Bitcoin over five years through asset seizures and Emergency Support Functions, potentially including selling some US gold reserves.
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