Emily Walker
During Michael Saylor’s extravagant $100K New Year’s Eve Bitcoin gathering in Miami, Dennis Porter, who is the co-founder and CEO of the Satoshi Action Fund (SAF), indicated that a US state might commence Bitcoin purchases within the next four months.
Approaching Bitcoin Purchases by US States
At the event, Porter responded to queries about the potential for a state to start acquiring Bitcoin soon. When asked if Texas might be the state to make such a move within a year, he offered a thoughtful perspective.
“It’s a valid statement, and I do think it’s close to the truth; however, I would adjust that to suggest it may be among the first states to record Bitcoin on the balance sheet. The bill in Texas, however, doesn’t actually grant permission for Bitcoin purchases. It only permits donations and tax payments,” Porter clarified.
Porter further explained the goals of the Satoshi Action Fund, noting that it is a nonprofit group focused on promoting Bitcoin by educating lawmakers about its advantages. The organization is not only involved in advocacy but also works on creating model legislation.
So far, SAF has presented 30 different bills in 20 states, which equates to covering about half of the nation. Porter emphasized that their work isn’t limited to simply introducing legislation; they also collaborate directly with lawmakers to facilitate the successful enactment of these laws.
When discussing the safeguarding of Bitcoin rights, Porter stated, “Currently, four states—Oklahoma, Louisiana, Arkansas, and Montana—provide legal protection for Bitcoin rights, including self-custody, mining, running nodes, and peer-to-peer transactions. But this is just the beginning; many more states are likely to follow.”
Looking forward to 2025, Porter expressed a positive outlook regarding future laws: “We anticipate that at least 10 to 12 states will propose strategic Bitcoin reserve legislation.” He reassured the audience about the speed of the legislative process, saying, “Things can progress swiftly. In fact, we believe there’s a state where we have a nearly guaranteed chance of our legislation being passed.”
Though he did not name the specific state, citing a desire to “protect the policy process,” he affirmed that the upcoming purchases are imminent. “Within the next four months, a state task force will convene in their offseason to evaluate proposed bills. Historically, any legislation they have favored has become law.”
Porter noted that this Strategic Bitcoin Reserve bill has recently gained approval from that task force. “So we feel confident—nearly 100 percent assured—that our bill will be enacted, allowing that state to initiate Bitcoin purchases,” he concluded.
As of now, Bitcoin is trading at $96,599.