• Utah’s Bitcoin reserve bill advances, aiming to allocate public funds to digital assets.
• Senator Lummis supports Bitcoin reserves, highlighting its role as a hedge against inflation.
• Fifteen U.S. states explore Bitcoin reserves, with Utah and Arizona leading the initiative.

Utah is considering a bill to create a Bitcoin reserve. The state has only 45 days to make a decision.  Dennis Porter, Satoshi Action Fund CEO, believes Utah has a strong chance to pass the bill. A Utah House committee approved it with an 8-1 vote on January 28. If passed, the bill will allow Utah to allocate public funds to Bitcoin and approved stablecoins. Porter noted that every bill passed by this committee has become law in recent years.  

Other States Push for Bitcoin Reserves

Eric Weiss, a board member at Core Scientific, revealed that 15 states are considering Bitcoin reserves. These states include Alabama, Arizona, and Florida. Arizona and Utah are the closest to passing their Bitcoin reserve bills. Both states are now waiting for approval from lawmakers. If successful, they could become the first to adopt this strategy.  

Senator Cynthia Lummis believes states will act before the federal government. She said states need assets like Bitcoin to maintain financial stability. States lack the ability of the federal government to fund their operations through money printing. She emphasized that Bitcoin could help protect their economies. Her comments reflect growing support for Bitcoin at the state level.  

Senator Lummis Supports National Bitcoin Reserve 

Lummis has been working to build support for a national Bitcoin reserve. She proposed a bill for the U.S. to acquire 1 million Bitcoins. This amount equals 5% of Bitcoin’s total supply. The U.S. could use seized Bitcoin holdings to fund part of the purchase. It could also sell some of its $455 billion gold reserves.  

This bill requires 60 votes to become law. The bill needs bipartisan support from Republicans and Democrats in order to pass. Lummis noted that many lawmakers are open to the idea. However, more effort is needed to push the bill forward. If passed, the U.S. would hold a significant Bitcoin reserve.  

Bitcoin as a Hedge Against Inflation

Lummis stated that lawmakers are watching digital asset policies closely. Many worry about the future stability of the U.S. dollar. The Bitcoin community views this cryptocurrency as a tool which helps guard against rising prices. Supporters of Bitcoin demonstrate how it can defend the dollar’s purchasing strength.  

Lummis described Bitcoin as a secure store of value. She believes it can provide long-term financial stability. If Utah passes its bill, other states may follow. A successful Bitcoin reserve strategy could reshape state and federal financial policies.

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