“A Texas lawmaker has begun drafting a proposal to create a strategic digital gold reserve. CEO of Satoshi Action Fund (SAF) Dennis Porter announced this. 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_ […]”, — write: businessua.com.ua
A Texas lawmaker has begun drafting a proposal to create a strategic digital gold reserve. This was announced by the CEO of Satoshi Action Fund (SAF), Dennis Porter.
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 has the eighth largest GDP in the world ($2.4 trillion in 2022), according to the state comptroller.
In addition to protection against inflation, the initiative will make it possible to secure the mining of the first cryptocurrency in the United States.
“The “thinnest” margin in digital gold mining. All it would take is a couple of outside players, Russia, China, to say: […] we will simply destroy all such business in this country,” the expert suggested.
According to Porter, a more active role of the US government as a “shock absorber for all miners” could be counterbalanced.
According to him, the Bitcoin Reserve can be compared to other historical decisions that helped shape the modern United States, such as the Louisiana, Florida and Alaska purchases.
According to the CEO of SAF, after Trump’s promises, the idea “gained incredible momentum” for the adoption of the corresponding law.
“We are very happy about this race, in which regardless of who wins, we all win,” the expert concluded.
On November 12, the Pennsylvania House of Representatives introduced a bill that would allow the state to keep digital gold on its balance sheet as a reserve asset.
On November 17, Polish presidential candidate Slawomir Mentzen also promised to create a bitcoin reserve if he wins next year’s elections.
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
It will be recalled that in November, US Senator Cynthia Lummis brought the “Bitcoin Act of 2024” to Congress for a vote. The document provides for the purchase of 1 million BTC (no more than 200,000 BTC per year for five years) at the expense of gold reserves Fed.
Previously, the head of Galaxy Digital, Mike Novogratz, predicted the rate of the first cryptocurrency at $500,000 in the event of the creation of a strategic reserve in the United States.
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