As Bit emerges as a powerful challenger to traditional assets like gold, the global debate on the role of BTC as a national reserve asset is increasing.
With President-elect Donald Trump endorsing Bit as the "key to financial independence" for the US, discussions on Bit reserves have begun.
States Spotlight Bit as a Financial Lifeline
Currently, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund (SAC), at least 13 out of 50 states are working on creating Bit reserves.
"We can confirm that at least 13 states are working on 'Strategic Bit Reserve' legislation. January will be a historic month for Bit policy," Porter tweeted on January 3.
In November, Senator Cynthia Lummis was the first to propose establishing a Bit reserve in the US. In a separate tweet, Porter added that a 'big wave' of Bit policy is coming in 2025.
"Another state senator emailed us saying they want to create a 'Strategic Bit Reserve' bill. The big wave of Bit policy is coming, and the Satoshi Action Fund is leading the way," he said.
This news is not surprising, as several US lawmakers have already voiced support for Bit reserves.
Derek Merrin of Ohio said in December that as the US dollar depreciates, Bit can provide a means to diversify the state's portfolio and protect public funds. He introduced a bill to establish a Bit reserve with the Ohio Treasury.
A Texas representative also introduced a BTC reserve bill in December. However, instead of directly purchasing BTC, the bill allows Texas to receive taxes, fees, and donations in BTC.
Similar bills have been introduced in Pennsylvania and Florida. The Pennsylvania Bit bill proposes allocating up to 10% of the state's $7 billion in financial assets to Bit.
In fact, asset manager VanEck recently predicted that if the US adopts a Bit reserve, it could reduce the national debt by 36% by 2025.
The discussion on Bit reserves is also gaining global attention. Countries like Japan, Switzerland, and Russia are attempting to establish BTC reserves. For example, cities like Vancouver have already approved plans to include Bit in their financial reserves.
Interestingly, it's not just governments competing to own Bit. Companies like MicroStrategy, Tesla, and Marathon Digital also hold significant Bit positions.
