First Bitcoin Acquisition By A US State ‘Near Guaranteed’ Within 4 Months: Expert

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As an analyst with over two decades of experience in the financial industry, I find Dennis Porter’s prediction about a US state initiating Bitcoin purchases within the next four months to be remarkably insightful and potentially transformative for the cryptocurrency market. Given my background, I have witnessed firsthand the evolution of digital currencies from a niche concept to a global phenomenon, much like the internet in the late 90s.

The Satoshi Action Fund’s mission to educate lawmakers and regulators about Bitcoin’s benefits aligns with my belief that understanding and embracing emerging technologies is crucial for societal progress. The organization’s efforts, as well as their collaboration with legislators to ensure the successful passage of pro-Bitcoin bills, are commendable and could pave the way for broader adoption.

However, I must admit, it is not every day that one hears about a state task force meeting in the offseason to discuss Bitcoin acquisition. It seems we might be entering uncharted waters, which could lead to exciting times ahead for the cryptocurrency market.

Lastly, I can’t help but chuckle at the thought of state legislators debating over Bitcoin, reminiscent of the early days of internet legislation when lawmakers grappled with concepts like email and web browsing. The times, they are a-changin’, indeed!

Dennis Porter, joint founder and chief executive officer of the Satoshi Action Fund (SAF), revealed at Michael Saylor’s Bitcoin New Year’s Eve party in Miami that a U.S. state is about to start buying Bitcoins within the following four months.

Bitcoin Adoption By US State Imminent

At the gathering, Porter spoke extensively on the topic of potential state purchases of Bitcoin in the near future. Responding to the possibility that a state like Texas might invest in Bitcoin within the coming year, Porter shared his thoughtful opinions.

Porter pointed out that the statement is quite insightful, but he believes it needs a slight adjustment due to its accuracy. Instead of stating that Texas will purchase Bitcoin, it would be more accurate to say that Texas could potentially become one of the first states to accept Bitcoin as a method for donations or tax payments on balance sheets.”

Or even simpler:

“Porter suggested modifying the statement slightly because it’s mostly correct. Rather than stating that Texas will buy Bitcoin, it would be more accurate to say that Texas might soon accept Bitcoin for donations or taxes.

Speaking about the purpose of the Satoshi Action Fund, Porter clarified that SAF functions as a non-profit entity, primarily focusing on advocating for Bitcoin. This involves educating legislators and regulators about the advantages of Bitcoin. Beyond simply promoting Bitcoin adoption, SAF also works on creating model policies to be implemented as law.

So far, SAF has presented around 30 bills in 20 different states, which covers roughly half of the U.S. Porter emphasized that SAF’s work doesn’t stop at bill introduction; they actively collaborate with legislators to guarantee the smooth passage of these bills.

Regarding the safeguard of Bitcoin privileges, Porter stated, “The rights to self-hold Bitcoin, mine it, run a node, engage in peer-to-peer transactions are currently protected in four states: Oklahoma, Louisiana, Arkansas, and Montana. However, this is only the beginning. Many more states will likely follow suit.

Regarding 2025, Porter expressed confidence in more Bitcoin-related legislative progress, stating, “I believe around 10 to 12 states could introduce bills to establish strategic Bitcoin reserves.” When asked about the likelihood of these laws being passed, Porter was optimistic, suggesting, “Passage can occur quite swiftly. In fact, we’re hopeful that one state is almost certain to pass our legislation into law.

Although Porter didn’t reveal which state was involved, he stressed the inevitability of the upcoming acquisition, saying, “It will occur within the next four months. In this state, there is a committee that meets during off-seasons. Their role is to evaluate bills, deciding if they like or dislike them. Every bill that this committee has endorsed in recent years, every bill they favored, ultimately becomes law.

Significantly, Porter announced that the Strategic Bitcoin Reserve bill has been approved by the committee. “We have a high confidence, almost certainly, that our bill will become law and allow the state to begin purchasing Bitcoin,” Porter stated in conclusion.

At press time, BTC traded at $96,599.

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2025-01-02 22:12