{"id":18823,"date":"2024-11-22T14:20:22","date_gmt":"2024-11-22T12:20:22","guid":{"rendered":"https:\/\/forklog.com\/en\/texas-legislator-proposes-strategic-bitcoin-reserve\/"},"modified":"2024-11-22T14:20:22","modified_gmt":"2024-11-22T12:20:22","slug":"texas-legislator-proposes-strategic-bitcoin-reserve","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/texas-legislator-proposes-strategic-bitcoin-reserve\/","title":{"rendered":"Texas Legislator Proposes Strategic Bitcoin Reserve"},"content":{"rendered":"<p>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).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: I have officially been asked to speak in Texas and will present on \u2018Strategic Bitcoin Reserves\u2019. Lawmakers from across the USA and the world will be in attendance. <\/p>\n<p>Live at <a href=\"https:\/\/twitter.com\/TXblockchain_?ref_src=twsrc%5Etfw\">@TXblockchain_<\/a> conference Thursday on the Pavilion stage 10:30am CST. <a href=\"https:\/\/t.co\/Xezlj8svbg\">pic.twitter.com\/Xezlj8svbg<\/a><\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1859357027614511432?ref_src=twsrc%5Etfw\">November 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Texas ranks as the eighth-largest economy in the world with a GDP of $2.4 trillion in 2022, according to <a href=\"https:\/\/comptroller.texas.gov\/economy\/fiscal-notes\/economics\/2024\/big-map\/#:~:text=If%20Texas%20were%20a%20country,and%20services%20%E2%80%94%20totaled%20%242.4%20trillion.\">state comptroller data<\/a>.<\/p>\n<p>Beyond inflation protection, the initiative aims to secure the mining of the first cryptocurrency in the United States.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe margin for digital gold mining is razor-thin. All it would take is a couple of external players, Russia, China, to say: [\u2026] we will simply destroy all such businesses in this country,\u201d<\/em> the expert suggested.<\/p>\n<\/blockquote>\n<p>According to Porter, a more active role by U.S. authorities could serve as a \u201cbuffer for all miners.\u201d<\/p>\n<p>He likened the bitcoin reserve to other historical decisions that helped shape modern America, such as the purchases of Louisiana, Florida, and Alaska.<\/p>\n<p>According to the SAF CEO, after <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-dips-to-67000-amid-trumps-bitcoin-2024-speech\">Trump&#8217;s promises<\/a>, the idea gained \u201cincredible momentum\u201d regarding the adoption of the corresponding law.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe are very excited about this race, in which, regardless of who wins, we all win,\u201d<\/em> the expert concluded.<\/p>\n<\/blockquote>\n<p>On November 12, a bill was <a href=\"https:\/\/www.palegis.us\/house\/co-sponsorship\/memo?memoID=43298\">introduced<\/a> in the Pennsylvania House of Representatives, allowing the state to hold digital gold on its balance sheet as a reserve asset.<\/p>\n<p>On November 17, Polish presidential candidate S\u0142awomir Mentzen also promised to create a bitcoin reserve if elected next year.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Poland should create a Strategic Bitcoin Reserve.<\/p>\n<p>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.<\/p>\n<p>BTC to the Moon! <a href=\"https:\/\/t.co\/izKc4spkkV\">pic.twitter.com\/izKc4spkkV<\/a><\/p>\n<p>\u2014 S\u0142awomir Mentzen (@SlawomirMentzen) <a href=\"https:\/\/twitter.com\/SlawomirMentzen\/status\/1858276016822603970?ref_src=twsrc%5Etfw\">November 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In November, U.S. Senator Cynthia Lummis introduced the \u201cBitcoin Act of 2024\u201d 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 <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">Federal Reserve<\/span>.<\/p>\n<p>Previously, Galaxy Digital head Mike Novogratz predicted the first cryptocurrency could reach $500,000 if a strategic reserve is established in the U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2018Strategic Bitcoin Reserves\u2019. Lawmakers from across the USA and the world will be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1538,1363,36,26],"class_list":["post-18823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-purchase","tag-poland","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18823"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18822"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}