Texas is taking baby steps toward a strategic Bitcoin fund: the Satoshi Action Fund

A strategic bitcoin reserve law is reportedly the subject of preliminary discussions among Texan lawmakers, according to a non-profit advocacy group, the Satoshi Action Fund (SAF).

SAF CEO Dennis Porter said in a Nov. 21 speech at the North American Blockchain Summit in Texas that “started a conversation to introduce strategic Bitcoin legislation” in Texas.

“The implications of the state of Texas moving forward with strategic Bitcoin reserve legislation cannot be overstated,” Porter said.

Porter said the impact of having strategic bitcoin (BTC) reserves in Texas would be significant, as the state is the world's eighth-largest economy with a GDP of $2.4 trillion by 2022, according to the Texas regulator.

There has already been some movement on this concept on the big stage. US Senator Cynthia Lammis introduced a bill in July to establish the US Bitcoin Strategic Reserve, which, if passed, would create a Bitcoin fund to tackle the national debt.

Pennsylvania lawmakers have introduced a bill in the state House of Representatives that would allow the Treasury to hold up to 10% in Bitcoin on its balance sheet as a hedge against inflation.

Still, Porter says that in addition to preventing inflation, strategic Bitcoin reserves at the national and state levels will help keep Bitcoin mining safe in the US.

“Bitcoin mining runs on razor-thin margins, and all it takes is a couple of foreign actors like Russia, China, hey, you know what, let's just devalue Bitcoin enough and kill it. Except for US Bitcoin mining in this country,” he said.

Related: 2,200 Letters of Support for ‘Bitcoin Strategic Reserve' Bill Sent to US Senators

“So a great way to protect ourselves from outside influence is to be in the market buying and selling bitcoins, which is a shock to all the amazing Bitcoin miners in this country,” Porter said.

According to Porter, Bitcoin stock can be compared to historic decisions like the Louisiana Purchase and Florida and Alaska that helped shape the modern US.

During the campaign, President-elect Donald Trump made several crypto-related promises, including establishing a “strategic bitcoin reserve.”

Since then, the idea has spread. Porter says there's been “a tremendous amount of momentum built around this issue,” and a race to see who will be the first to pass a strategic reserve law, a position he also took on X prior to the event.

“We're so glad to have that competition, where whoever wins, we all win, right?” Porter said.

On the international stage, Polish presidential candidate Esławomir Mentzen promised to create a Bitcoin reserve on November 17 for the X statement if he wins next year's election.

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