13 US states push for Bitcoin reserves

As Bitcoin emerges as a strong competitor to traditional assets such as gold, there is increasing international debate over BTC's role as a national reserve currency.

It was President Donald Trump who sparked discussions around Bitcoin stock after endorsing it as a “keystone to financial freedom” for the United States.

States eye Bitcoin as a financial lifeline

Now, according to Satoshi Action Fund (SAC) CEO and founder Dennis Porter, at least 13 US states, out of a total of 50, are creating bitcoin reserves.

“I can confirm that at least 13 states are working on ‘Strategic Bitcoin Reserve' legislation. January will be a record-breaking month for Bitcoin policy,” Porter tweeted on January 3rd.

In November Senator Cynthia Lammis first proposed the establishment Bitcoin stock in USA. In a separate tweet, Porter added that there will be a ‘tidal wave' of Bitcoin policy by 2025.

Another state senator emailed us and they want to make a ‘Strategic Bitcoin Reserve' Act. There is a wave of Bitcoin policy coming and SatoshiActFund is leading it,” he said.

The news is not entirely surprising, as several US lawmakers have already come out in support of Bitcoin stock.

Ohio's Derek Merrin said in December that as the U.S. dollar faces a devaluation, Bitcoin provides a means to diversify the state's portfolio and protect public funds. He introduced a bill to establish a bitcoin reserve with the Ohio Treasury.

A Texas representative also introduced a BTC reserve account in December. But instead of buying Bitcoin directly, the bill allows Texas to accept taxes, fees and donations in BTC.

Similar laws were passed in the states of Pennsylvania and Florida. Pennsylvania's bitcoin legislation proposes to allocate up to 10% of the state's $7 billion treasury fund to bitcoin.

In fact, asset management firm VanEck recently predicted that the US could reduce its national debt by 36 percent by 2025 if it adopted Bitcoin reserves.

Bitcoin backup chats are also gaining popularity globally. Countries like Japan, Switzerland and Russia are trying to establish BTC reserves. For example, cities like Vancouver have already approved plans to include Bitcoin in their financial inventory.

Interestingly, governments aren't the only ones racing to own Bitcoin. Companies like MicroStrategy, Tesla, Marathon Digital and more are stocking it.