Bitcoin Reserve Legislation Underway As Texas Lawmakers Begin Discussions

Dennis Porter, CEO of SAF, shared in a recent post on X that he has been invited to speak in Texas about the possibility of establishing a strategic Bitcoin (BTC) reserve for the United States, with lawmakers representing both the U.S. and other countries like Canada and Mexico being expected to attend.

Several Benefits

Texas, with a GDP of $2.4 trillion in 2022, ranks as the eighth-largest economy globally and could have a significant impact on Bitcoin adoption and its security if such legislation is passed. The concept of a Bitcoin reserve is not new at the national level. U.S. Senator Cynthia Lummis introduced a bill in July aiming to establish a U.S. Bitcoin strategic reserve to help mitigate the national debt.

Similarly, Pennsylvania lawmakers proposed a bill that would allocate up to 10% of the state treasury to Bitcoin as a hedge against inflation. Porter emphasized that a Bitcoin reserve could offer more than just protection against inflation, noting their potential to support the U.S. Bitcoin mining sector amid external threats.

A strategic reserve could also act as a stabilizing force during market fluctuations, Porter added, drawing parallels to major historical events like the Louisiana Purchase and the acquisitions of Florida and Alaska, which significantly shaped the U.S. economy and security.

Gaining Momentum

The idea of a Bitcoin reserve is gaining momentum internationally, with Polish presidential candidate Sławomir Mentzen recently promising to establish a Bitcoin reserve if elected, demonstrating the global appeal of the concept.

In the U.S., the push for Bitcoin reserve legislation is intensifying. Porter expressed excitement about the growing momentum, noting that regardless of the winner in this race, everyone stands to benefit. Additionally, President-elect Donald Trump has also voiced support for a strategic Bitcoin stockpile, signaling further political interest in the idea.