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Utah May Be First US State to Create Official Bitcoin Reserve

 
Ritu Lavania
Written By 
Ritu Lavania
 
Harsh Chauhan
Edited by 
Harsh Chauhan
February 3, 2025
Utah May Become the First US State to Bring Bitcoin Reserve

Several US states recently introduced Bitcoin Reserve bills, integrating Bitcoin into government financial plans. Among them, Utah stands out as the most likely to establish a Bitcoin reserve first, thanks to its comparatively shorter legislative session.

Utah May be the First US State with a Bitcoin Reserve: Dennis Porter

According to Dennis Porter, CEO of Satoshi Action Fund, Utah has a “very good shot” at being the first state to enact such legislation. In a Jan. 21 interview with U.S. Senator Cynthia Lummis, which he later shared on X on Feb. 2, Porter emphasized the urgency: “It’s either sink or swim in 45 days. No other state has a faster timeline or stronger political momentum to push this through.”

On Jan. 28, a Utah House committee voted 8-1 in favor of a bill allowing the state to invest public funds in Bitcoin, as well as in other cryptocurrencies with a market cap exceeding $500 billion and approved stablecoins. Porter noted that every bill previously passed by the Utah House Economic Development Committee in recent years has ultimately become law.

“We strongly believe Utah will be the first state to implement this legislation,” Porter stated, underscoring the state’s political drive as a decisive factor.

Satoshi Action Fund has also asked the crypto industry to support Bitcoin’s participation in the Strategic Stockpile. Porter took to X to share, “Over 3,300 letters have been sent to Members of Congress telling them to support Bitcoin as the key focus of a ‘Strategic Stockpile’. 1,886 to Democrats and 1,425 to Republicans.”

So far, Arizona is the only other state to have gone so far in the Bitcoin Bill process. Meanwhile, Illinois recently introduced a Strategic Bitcoin Reserve Act (HB1844) bill to establish a state-managed Bitcoin reserve. Other states including Ohio, Massachusetts, New Hampshire, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming have introduced similar Bitcoin reserve bills as up to 20 ‘Strategic Bitcoin Reserve’ bills are expected to be introduced at the state level.

 

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. Passionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.