Utah best positioned toward becoming first US state to establish Bitcoin reserve

Utah is likely to become the first US state to create a Bitcoin reserve, according to Satoshi Action Fund CEO Dennis Porter.

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.

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.

Disclaimer: The content on this website is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a qualified professional before making financial decisions.

Share this Post:

Accessibility Toolbar