Obviously, it was President Donald Trump who sparked intense discussions around national Bitcoin reserves, particularly for the United States.
American states see Bitcoin as a new financial aid
According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund (SAC), at least 13 US states are working on creating Bitcoin reserves.
“I can confirm that at least 13 states are working on strategic Bitcoin reserve legislation. January is going to be an intense month for Bitcoin politics,” Porter tweeted on January 3.
Last November, Senator Cynthia Lummis initially proposed establishing a Bitcoin reserve in the United States. In a separate tweet, Porter added that there would be a “marked wave” of pro-cryptocurrency policy in 2025.
“Another senator emailed us and wants to legislate a strategic Bitcoin reserve. There is a groundswell of Bitcoin policy coming and the SatoshiActFund is leading the way,” he explained.
The news is not completely surprising as several US lawmakers have already expressed support for the idea of stockpiling Bitcoin.
Interest here and there
Derric Merin of Ohio said last December that in the face of the devaluation of the US dollar, Bitcoin offers a way to diversify the state’s portfolio and above all to protect public funds. The latter introduced a bill to establish a Bitcoin reserve with the Ohio treasury.
A Texas state representative also introduced a bill to stockpile BTC in December. But instead of directly purchasing the asset developed by Satoshi Nakamoto, the bill would allow Texas to receive taxes, fees and donations in BTC.
However, similar legislation has been introduced in the states of Pennsylvania and Florida. The Pennsylvania Bitcoin Act also proposes to allocate up to 10% of the $7 billion in state treasury funds to purchase Bitcoin.
For its part, the asset management company VanEck recently predicted that the United States could reduce its national debt by 36% by 2025. This is provided that it adopts a Bitcoin reserve.
Beyond American borders, discussions about strategic reserves extend on a global scale. Thus, countries like Japan, Switzerland and even Russia have started to show interest. But still, cities like Vancouver have already approved a plan to integrate Bitcoin into their financial reserves.
Finally, it is interesting to note that governments are not the only ones rushing to own BTC. Companies like MicroStrategy, Tesla, Marathon Digital, and more are also accumulating the asset.
Disclaimer
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