Texas Legislator Proposes Strategic Bitcoin Reserve

A Texas lawmaker has initiated the development of a proposal to establish a strategic reserve of digital gold, according to Dennis Porter, CEO of Satoshi Action Fund (SAF).

BREAKING: I have officially been asked to speak in Texas and will present on ‘Strategic Bitcoin Reserves’. Lawmakers from across the USA and the world will be in attendance.

Live at @TXblockchain_ conference Thursday on the Pavilion stage 10:30am CST. pic.twitter.com/Xezlj8svbg

— Dennis Porter (@Dennis_Porter_) November 20, 2024

Texas ranks as the eighth-largest economy in the world with a GDP of $2.4 trillion in 2022, according to state comptroller data.

Beyond inflation protection, the initiative aims to secure the mining of the first cryptocurrency in the United States.

“The margin for digital gold mining is razor-thin. All it would take is a couple of external players, Russia, China, to say: […] we will simply destroy all such businesses in this country,” the expert suggested.

According to Porter, a more active role by U.S. authorities could serve as a “buffer for all miners.”

He likened the bitcoin reserve to other historical decisions that helped shape modern America, such as the purchases of Louisiana, Florida, and Alaska.

According to the SAF CEO, after Trump’s promises, the idea gained “incredible momentum” regarding the adoption of the corresponding law.

“We are very excited about this race, in which, regardless of who wins, we all win,” the expert concluded.

On November 12, a bill was introduced in the Pennsylvania House of Representatives, allowing the state to hold digital gold on its balance sheet as a reserve asset.

On November 17, Polish presidential candidate Sławomir Mentzen also promised to create a bitcoin reserve if elected next year.

Poland should create a Strategic Bitcoin Reserve.

If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators.

BTC to the Moon! pic.twitter.com/izKc4spkkV

— Sławomir Mentzen (@SlawomirMentzen) November 17, 2024

In November, U.S. Senator Cynthia Lummis introduced the “Bitcoin Act of 2024” to Congress. The document proposes purchasing 1 million BTC (no more than 200,000 BTC per year over five years) using the gold reserves of the Federal Reserve.

Previously, Galaxy Digital head Mike Novogratz predicted the first cryptocurrency could reach $500,000 if a strategic reserve is established in the U.S.