First Bitcoin Acquisition By A US State ‘Near Guaranteed’ Within 4 Months: Expert

Dennis Porter, co-founder and CEO of the Satoshi Action Fund (SAF), announced at Michael Saylor’s $100K New Year’s Eve Bitcoin Party in Miami that a US state is on the brink of initiating BTC purchases within the next four months.

Bitcoin Adoption By US State Imminent

During the event, Porter addressed a series of questions regarding the future of state-level Bitcoin acquisition. When queried about the prediction that a state would buy BTC by next year—specifically Texas—Porter provided nuanced insights.

“It’s a great statement. It’s an accurate prediction, but I think it’ll be just slightly off. You might want to modulate it to be one of the first states to put Bitcoin on the balance sheet. Because the Texas bill actually doesn’t allow Texas to buy. It only allows for donations and taxes to be paid,” Porter clarified.

Elaborating on the mission of the Satoshi Action Fund, Porter explained that SAF operates as a nonprofit dedicated to advocating for Bitcoin by educating lawmakers and regulators about its benefits. The organization not only promotes Bitcoin adoption but also develops model policies to be enacted into law.

To date, SAF has introduced 30 bills across 20 states, effectively reaching approximately half of the United States. Porter highlighted that their efforts extend beyond legislation introduction, as SAF collaborates closely with lawmakers to ensure 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 protected now in four different states, Oklahoma, Louisiana, Arkansas and Montana. But we’re just getting started. There’s going to be a whole lot more states.”

Looking ahead to 2025, Porter expressed optimism about further legislative advancements: “We have at least, I would say, 10 states, maybe up to 12 states that are going to introduce strategic Bitcoin reserve legislation.” When pressed about the nature of the upcoming legislation’s passage, Porter assured, “It can happen very fast. In fact, we already have a state that we think is a near 100 percent guarantee to pass our legislation into law.”

While Porter refrained from disclosing the specific state involved, citing the need to “protect the policy process,” he emphasized the certainty of the impending acquisition. “It’s going to happen within the next four months. So what’s going to happen is there’s a state that has a task force. They meet in the offseason. And what they do is they say, OK, we like this bill or we don’t like this bill. Every bill they’ve passed out of that task force in the last several years, every bill that they said they like passes into law.”

Notably, Porter disclosed that this Strategic Bitcoin Reserve bill just passed out of that task force. “So we give it a near 100 percent chance that our bill will pass into law and that state will be able to start buying Bitcoin,” Porter concluded.

At press time, BTC traded at $96,599.