Utah, the land of breathtaking landscapes and peculiar polygamy, may soon add another feather to its cap – the first US state to establish a Bitcoin reserve. 🤩
According to Dennis Porter, CEO of the Satoshi Action Fund, Utah has a “very good shot” at this pioneering feat. With a mere 45 days to decide, Porter believes that “no one else has a faster calendar, and no one else has more political momentum and willpower to get it done.” 🏃♂️
The Utah House Economic Development Committee has already voted 8-1 in favor of a bill that would allow the state to invest a portion of public funds into Bitcoin (BTC), cryptocurrencies that have a market cap above $500 billion and approved stablecoins on Jan. 28. 💰
Every single bill that has been passed by the Utah House Economic Development Committee over “the last several years” was ultimately passed into law, Porter said. 🤞
“We firmly believe that Utah will be the very first state to introduce this legislation.” 🏆
Arizona is the only other state that has passed this stage in the bill lifecycle, while Illinois, Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced bills to establish a Bitcoin reserve. 📜
State officials in Alabama, Florida, Kentucky, and South Dakota have publicly endorsed a Bitcoin reserve but no bill has been introduced in those states yet. 👀
In the Jan. 21 interview, Lummis noted that progress is being made on the Bitcoin reserve bill she introduced at the federal level, noting that it would need at least 60 votes to receive bipartisan support in the Senate. 🗳️
“We’re having good success. We’re not there yet, but we’re having good success.” 🌟
The Lummis bill wants the US to obtain 1 million Bitcoin or 5% of Bitcoin’s total supply over the next five years. The US could repurpose the 198,100 Bitcoin obtained from asset seizures while the remaining 801,900 Bitcoin could be financed through Emergency Support Functions, selling a portion of its $455 billion gold reserves for Bitcoin, or a combination of both. 💸
Asset manager VanEck estimated the US could reduce its national debt by 35% by 2049 should Bitcoin’s price rise at a compounded annual growth rate (CAGR) of 25% while US national debt increases at 5% CAGR. 📈
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2025-02-03 04:49