Dennis Porter, who serves as the CEO and Co-Founder of the Satoshi Act Fund, has announced that ten states in the U.S. are ready to introduce bills aimed at creating a Strategic Bitcoin Reserve (SBR) at the state level. The Satoshi Act Fund played a crucial role in Pennsylvania’s introduction of the Bitcoin Strategic Reserve Act, enabling the state to invest up to 10% of its funds in Bitcoin.
Ten States Prepare to Create a Strategic Bitcoin Reserve
On December 3, Porter publicly confirmed that “10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United States of America.” He expressed confidence in the potential of Bitcoin, stating, “We are going to win with Bitcoin. We will lead the world.”
Porter acknowledged the difficulties in passing legislation across various states and called for financial backing to support their efforts. “We can pass bills if we have the funds. This is where you can help,” he urged, directing supporters to donate at donorbox.org/500kmatch. The campaign aims to raise $500,000 over a 60-day period, starting with a matching contribution of $50,000.
The goals of the Satoshi Act Fund’s fundraising initiative are diverse. They include implementing SBRs in multiple states, advocating for BTC rights including mining and self-custody rights, and countering the actions of “Operation Chokepoint 2.0”, which seeks to hinder Bitcoin-related businesses. The organization predicts that “governments will be buying Bitcoin in the USA in less than six months” as a result of their initiatives.
To strengthen trust in their mission, Porter highlighted the Satoshi Act Fund’s accomplishments, which include successfully introducing four bills into law across four states, launching the initial SBR legislation, and initiating over 30 bills in more than 20 states. Additionally, they have sent 200,000 letters to legislators and provided testimony at over 20 public hearings to advocate for Bitcoin.
Porter also shared that he will soon be collaborating with U.S. Senator Cynthia Lummis, who has proposed the Bitcoin Act of 2024, aimed at establishing a federal SBR by acquiring one million BTC over five years. “In less than 48 hours, I will join US Senator Cynthia Lummis to share a major update in the progress for Strategic Bitcoin Reserves. Bitcoin is winning in the USA,” he announced on X. This update will take place during an X Space event tomorrow at 4 PM EST.
MASSIVE ₿REAKING: I can confirm that in less than 48 hours, I will join U.S. Senator @CynthiaMLummis to share a major update in the progress for ‘Strategic Bitcoin Reserves’.
Bitcoin is winning in the USA.
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Highlighting the sense of urgency behind these efforts, Porter compared his initiatives with those of President-elect Donald Trump, who expressed intentions to create an SBR at the Bitcoin 2024 conference in Nashville. “I am convinced I will pass SBR legislation at the state level before Donald Trump,” he asserted, stressing that Trump’s only chance of success would be through an immediate executive order. “The race is on. Let the game theory begin,” he declared.
As of now, Bitcoin is trading at $95,375.
