- Utah leads U.S. states in pushing for a Strategic Bitcoin Reserve legislation.
- Polymarket data shows only a 14% chance of Trump creating a Bitcoin reserve.
As discussions surrounding a potential Strategic Bitcoin [BTC] Reserve gain momentum in the U.S., several states are actively exploring legislative frameworks to support the initiative.
Porter and Lummis weigh in
Dennis Porter, CEO of Satoshi Act Fund, believes Utah could lead the charge, becoming the first state to formally pass such legislation.
In a recent conversation with “Simply Bitcoin” and Senator Cynthia Lummis, Porter revealed that 11 states have already introduced bills on strategic Bitcoin reserves, with expectations that this number could rise to 15 by the end of the year.
With increasing state-level interest and growing political backing, the push for Bitcoin’s role in state treasuries is shaping up to be a pivotal development in the broader crypto landscape.
Remarking on the same, Porter said,
“It’s either sink or swim in 45 days. No one else has a faster calendar, and no one else has more political momentum and willpower to get it done.”
He further added,
“We think we’ll get to 15 within 2025 alone, it could be many more than that and some states will have multiple bills because lawmakers are now competing to be the first one in their own state.”
Growing talks around the Bitcoin Reserve
Porter also highlighted Utah’s Digital Asset Task Force, a specialized body focused on shaping the state’s approach to crypto and Web3 regulations.
This task force plays a crucial role in reviewing and voting on crypto-related bills during legislative off-seasons, ensuring that emerging digital asset policies receive continuous attention and refinement.
“Every single bill that has come out of that task force has ultimately passed into law over the last several years, and our strategic Bitcoin reserve legislation just passed out of that task force.”
Porter added that he is “very bullish and very supportive of the legislation at the federal level.”
However, he believes that individual states stand to benefit the most from adopting a strategic Bitcoin reserve, positioning themselves for economic growth and financial resilience.
Adding to the discussion, Lummis acknowledged ongoing progress on her proposed Bitcoin reserve bill at the federal level.
She highlighted the challenge of securing bipartisan backing, noting that at least 60 Senate votes would be required for the bill to move forward successfully.
“We’re having good success. We’re not there yet, but we’re having good success.”
Not all share the same boat
Amid this optimism, Christine Lagarde, President of the European Central Bank, criticized her firm stance against the adoption of a Bitcoin reserve by member nations.
In a recent presser, Lagarde stated,
“Reserves have to be liquid, secure and safe and not be plagued by suspicion of money laundering or criminal activity. As a result, I’m confident that Bitcoin will not enter the reserves of any of the central banks of the general council.”
This highlights that despite the growing momentum around a Bitcoin strategic reserve, skepticism remains.
In fact, Polymarket data further indicates only a 14% probability that Trump will establish such a reserve within his first 100 days in office, confirming lingering doubts about the feasibility of this initiative.
