Dennis Porter, co-founder and CEO of Satoshi Action Fund (SAF), announced at Michael Saylor's $100,000 New Year's Eve bitcoin party in Miami that a US state is about to start btc purchases in the next four months.
US State Adoption of bitcoin Imminent
During the event, Porter <a target="_blank" href="https://x.com/Dennis_Porter_/status/1874541080424873999″ target=”_blank” rel=”noopener nofollow”>addressed a series of questions about the future of bitcoin acquisition at the state level. When asked about predicting a state would purchase btc next year (specifically Texas), Porter provided nuanced information.
“It's a great statement. It's an accurate prediction, but I think it will be slightly off. You may want to modulate it to be one of the first states to list bitcoin on balance sheet. Because the Texas bill doesn't actually allow Texas to buy. It only allows you to pay donations and taxes,” Porter clarified.
Elaborating on the mission of the Satoshi Action Fund, Porter explained that SAF operates as a nonprofit organization dedicated to defending bitcoin by educating lawmakers and regulators about its benefits. The organization not only promotes bitcoin adoption but also develops model policies that will become law.
To date, SAF has introduced 30 bills in 20 states, effectively reaching about half of the United States. Porter noted that its efforts extend beyond the introduction of legislation, as SAF works closely with legislators to ensure the successful passage of these bills.
Addressing the protection of bitcoin rights, Porter mentioned: “bitcoin rights, the right to self-custody, the right to mine, the right to run a node, the right to peer-to-peer transactions are now protected in four different states.” . Oklahoma, Louisiana, Arkansas and Montana. But we're just getting started. There will be many more states.”
Looking ahead to 2025, Porter expressed optimism about further legislative developments: “We have at least, I would say, 10 states, maybe as many as 12 states that are going to introduce strategic bitcoin reserve legislation.” When asked about the nature of the legislation's upcoming passage, Porter said: “It can happen very quickly. In fact, we already have a state that we believe is close to a 100 percent guarantee to turn our legislation into law.”
While Porter refrained from revealing the specific state involved, citing the need to “protect the political process,” he emphasized the certainty of the imminent acquisition. “It's going to happen within the next four months. So what's going to happen is there will be a state that has a task force. They face each other in the offseason. And what they do is they say, okay, we like this bill or we don't like this bill. “Every bill that task force has passed in the last few years, every bill that they said they liked becomes law.”
Notably, Porter revealed that this bitcoin Strategic Reserve bill has just been approved by that working group. “So we give it almost a 100 percent chance that our bill becomes law and that state can start buying bitcoin,” Porter concluded.
At the time of this publication, btc was trading at $96,599.
Featured image created with DALL.E, chart from TradingView.com
