Utah Could Become the First U.S. State to Pass Bitcoin Reserve Bill, Says Satoshi Action Fund CEO

Highlights:

• Dennis Porter states that Utah might be the first to establish a Bitcoin reserve in 45 days.
• Eric Weiss notes fifteen U.S. states plan Bitcoin reserves pending White House approval.
• Cynthia Lummis argues Bitcoin can hedge inflation and protect the U.S. dollar.

Utah could become the first U.S. state to create a Bitcoin (BTC) reserve, driven by a brief legislative window and strong “political momentum.” Satoshi Action Fund CEO Dennis Porter recently stated in an interview with U.S. Senator Cynthia Lummis that Utah has a “very good shot” at being the pioneer. He shared the interview on X on February 2, noting that Utah has only 45 days to make a decision.

On January 28, one of Utah’s house committees approved a bill with an 8-1 vote, enabling the state to allocate a portion of its public funds to Bitcoin, along with other cryptocurrencies valued at over $500 billion and stablecoins that have received approval. Porter highlighted that every bill passed by the Utah House Economic Development Committee in recent years has eventually become law. He added, “We firmly believe that Utah will be the very first state to introduce this legislation.”

Eric Weiss, a board member at the publicly traded company Core Scientific, announced on the X platform that 15 U.S. states, including Alabama, Arizona, and Florida, have started initiatives for Bitcoin strategic reserves. Arizona and Utah have reached a stage where they await approval from the White House and senators, putting them on the verge of becoming law.

The die is cast.
Nation-States, States, Companies & Individuals are clamoring to acquire Bitcoin.
Stack. HODL. Prosper.
Bitcoin 🚀 pic.twitter.com/PY40cwgF93

— Eric Weiss ⚡️ (@Eric_BIGfund) January 31, 2025

Cynthia Lummis’ Push to Pass Bitcoin Reserve Bill

U.S. Senator Cynthia Lummis believes states will adopt these measures before the federal government takes action. “States are the innovators of the country,” she remarked. Lummis emphasized that states that cannot print money or freely spend need assets like Bitcoin to ensure their financial stability.

During the interview, she revealed that she has been working to build support among Senate members for the implementation of the Bitcoin reserve strategy. Last year, Lummis proposed a bill for the U.S. to acquire 1 million Bitcoins or 5% of the total supply. To accomplish this, the U.S. could repurpose the 198,100 Bitcoin seized from assets. The remaining 801,900 Bitcoin could be obtained through Emergency Support Functions, by selling part of its $455 billion gold reserves for Bitcoin, or through a combination of both methods. 

The bill requires sixty votes to pass, which will only be achievable if both Republicans and Democrats back it. She noted that while interactions with lawmakers have been positive, additional efforts are necessary to push the Bitcoin reserve bill forward. 

Lummis Highlights Bitcoin as a Hedge Against Inflation and a Store of Value

Lummis also mentioned that numerous Congress members are closely monitoring digital asset policies, particularly those questioning the future stability of the U.S. dollar. The Bitcoin reserve bill’s advocates argue that holding Bitcoin can serve as a reliable hedge against inflation. They believe it can help safeguard the U.S. dollar while also boosting the nation’s global financial competitiveness. “Bitcoin is not just a speculative investment—it is a store of value that can provide long-term financial security for the U.S.,” Lummis said.