Dennis Porter, the founder and CEO of the Satoshi Act Fund, is confident that Utah will be the first state in the U.S. to pass legislation establishing a strategic Bitcoin reserve.
In a recent interview with Simply Bitcoin and Republican Senator Cynthia Lummis, Porter shared that a total of 11 states have already introduced bills related to creating Bitcoin reserves. He also predicts that the number could increase to 15 states by the end of 2025.
“We expect to see 15 states by 2025, and possibly even more. Some states will have multiple bills because lawmakers are competing to be the first to pass them,” Porter explained.
When asked which state is most likely to be the first to implement such a policy, Porter expressed strong confidence in Utah. Despite being the newest state to introduce the legislation out of the 11, Porter noted that Utah has the quickest legislative timeline, with a 45-day window to finalize decisions.
“No one else has a faster legislative calendar or as much political momentum to push this through,” Porter added.
Porter also highlighted Utah’s proactive approach with its digital asset task force, which is dedicated to reviewing bills related to crypto and Web3. According to Porter, every bill that has emerged from this task force over the years has been passed into law, and the strategic Bitcoin reserve legislation has already cleared this stage.
“Every bill that has come out of that task force has passed into law, and now our Bitcoin reserve legislation has also passed through,” Porter said.
Porter emphasized that while he is very supportive of similar legislation at the federal level, he believes that states will be the first to benefit from having a Bitcoin reserve.
“States have limited budgets funded by taxes, and they need to protect those funds. If the value of the dollar decreases, so does their budget. By holding Bitcoin, they can diversify their assets and better safeguard their funds,” he explained.
Porter’s comments came as Bitcoin experienced a drop following news of new trade tariffs announced by former President Trump, which led to a more than 4% decline in Bitcoin’s price, bringing it down to $95,275 in the last 24 hours.
“States have the ability to shield themselves from the debasement happening at the federal level, ensuring they can continue funding programs without having to raise taxes,” Porter added.
Senator Lummis, who has been advocating for a national strategic Bitcoin reserve, echoed Porter’s sentiments, agreeing that states would likely lead the way on this issue. Lummis, who previously served as Wyoming’s Treasurer, pointed out that states have historically been the birthplace of innovative ideas.
“States are the innovators, the incubators of new ideas. They’re going to recognize the advantages of this first,” Lummis said.
Currently, Lummis is working to form a bipartisan coalition to pass a strategic Bitcoin reserve bill at the federal level. She emphasized the importance of securing broad support to meet the 60% threshold required in the U.S. Senate.
“We’re focused on making this a bipartisan effort, which is critical to get the necessary votes in the Senate. We’ve also been engaging with the White House to advance this initiative, and we’re seeing positive progress,” Lummis stated.
