Texan Lawmakers Explore Strategic Bitcoin Reserve Legislation, Says Satoshi Action Fund

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 22, 2024

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Texas lawmakers are reportedly exploring launching a strategic Bitcoin reserve, according to the Satoshi Action Fund (SAF), a nonprofit advocacy group.

“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,” Dennis Porter, CEO of SAF, said in a recent post on X.

Porter stated that preliminary conversations with a Texas legislator about introducing Bitcoin reserve legislation have already begun.

Texas Could Influence Bitcoin Adoption

Texas, boasting the eighth-largest economy in the world with a gross domestic product of $2.4 trillion in 2022, could significantly influence Bitcoin adoption and security if such legislation is enacted.

The idea of a Bitcoin reserve is not new on the national stage.

U.S. Senator Cynthia Lummis proposed a bill in July to establish a United States Bitcoin strategic reserve, aiming to hedge against the national debt.

Similarly, Pennsylvania legislators introduced a measure allowing up to 10% of the state treasury’s balance sheet to be allocated to Bitcoin as a hedge against inflation.

Porter argued that the benefits of Bitcoin reserves extend beyond inflation protection.

He pointed to their potential to bolster the U.S. Bitcoin mining industry against external threats.

“Bitcoin mining runs on razor-thin margins,” he explained. “All it would take is a couple of outside actors—Russia, China—suppressing Bitcoin prices long enough to cripple American Bitcoin mining operations.”

A strategic reserve, Porter added, could act as a stabilizing force, helping miners weather market volatility.

He compared the initiative to historical decisions like the Louisiana Purchase and the acquisition of Florida and Alaska, which significantly shaped the U.S. economy and security.

Momentum for Bitcoin reserves is also growing internationally. Polish presidential candidate Sławomir Mentzen recently pledged to establish a Bitcoin reserve if elected, signaling the global traction of the idea.

In the U.S., the race to pass Bitcoin reserve legislation appears to be heating up. Porter noted, “We are very excited to have that race—a race where no matter who wins, all of us win.”

Porter also highlighted that President-elect Donald Trump’s campaign promises included creating a “strategic Bitcoin stockpile,” further signaling political interest in the concept.

Saylor to Pitch Bitcoin Investment Strategy to Microsoft Board

MicroStrategy’s Michael Saylor has announced plans to deliver a three-minute presentation on Bitcoin investment strategy to Microsoft’s board of directors.

Speaking during a November 19 X Spaces event hosted by VanEck, Saylor confirmed he had been contacted by an activist responsible for the proposal to Microsoft’s board, prompting his agreement to present.

“I’m going to provide a three-minute presentation — that’s all you’re allowed — and I’ll send it to the board of directors,” he stated.

His upcoming presentation coincides with an upcoming shareholder vote on December 10 to decide whether Microsoft should conduct an assessment on investing in Bitcoin.

The proposal also comes as major Bitcoin holders like MicroStrategy and Metaplanet have aggressively expanded their Bitcoin holdings as of late.