Dennis Porter has already helped Texas and Pennsylvania take initial steps in the mainstream adoption of Bitcoin through strategic legislation.
The implementation of a strategic Bitcoin BTC $94 351 24h volatility: 0.5% Market cap: $1.87 T Vol. 24h: $23.11 B reserve in the United States at the state levels and the Federal government is imminent according to Dennis Porter, the CEO and co-founder of a nonprofit organization dubbed Satoshi Action Fund (SAF). Through an X post earlier today, Porter announced that ten states within the jurisdiction of the United States have confirmed the introduction of legislation to implement the strategic Bitcoin reserves.
“We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead,” Porter noted.
Already, Porter through the SAF has helped the Texas lawmakers to formulate the necessary legislation to implement a strategic Bitcoin reserve. In Pennsylvania, Porter helped the lawmakers propose legislation to allow the state treasury to allocate up to 10 percent of its reserves in Bitcoin.
At the state level, Porter announced that he will be joining Wyoming Senator Cynthia Lummis on December 5 to share major updates on the progress of the national strategic Bitcoin reserve. Porter highlighted that the upcoming US president could win in implementing the strategic Bitcoin reserve if he issues an executive order in the first week after his inauguration.
I am convinced I will pass Strategic Bitcoin Reserve legislation at the state level before @realDonaldTrump. The only way he wins is if he does an executive order the very first week he is in office.
The race is on.
Let the game theory begin.
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Influence of US Bitcoin Bid on Other Nations
The ongoing talks for Bitcoin adoption in the United States have revealed the deteriorating financial situation in most countries. The United States has seen its national debt spike to over $36 trillion, thus forcing the upcoming Trump administration to implement mechanisms to cut government spending through the DOGE program headed by tech billionaire Elon Musk and Vivek Ramaswamy.
More countries, including Japan, have seen their national debt-to-GDP ratio increase to over 100 percent, which is unsustainable for most governments. As a result, the adoption of a Bitcoin strategic reserve has been touted as the best route to fight the ballooning global debts, which is over $330 trillion.
The notable success of El Salvador in its Bitcoin adoption strategy over the past few years has significantly influenced other nation-states to implement favoring Bitcoin laws. Recently, Russia passed a national law that recognizes Bitcoin and other cryptocurrencies as legal property.
The state of Bitcoin and digital assets is also changing in China following the approval of several spots Ether and BTC ETFs in Hong Kong. Additionally, several Chinese companies have adopted Bitcoin as a strategic reserve.
Market Impact
According to Porter, the adoption of Bitcoin by nation-states will further increase the demand vs supply stress in the coming years. With the overall supply of Bitcoin on centralized exchanges at a multi-year low of about 2.27 million, Porter is confident that one day it will be virtually impossible to purchase Bitcoin from the secondary market.
Amid the mainstream adoption of crypto assets by institutional investors, it is safe to assume that Bitcoin price has more upside momentum in the coming months and decades.
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