Utah Nears Historic Vote to Become First State with Bitcoin Reserves
Utah is on the verge of making history by becoming the first U.S. state to hold Bitcoin as a strategic reserve asset.
By Tylt Editorial Team
Utah’s Bitcoin reserve bill nears final Senate vote.
Over 50 Bitcoin-related bills are in progress across 22 states.
At least four to five states may pass Bitcoin reserve laws this year.
Utah is leading the charge in Bitcoin adoption at the state level, with a legislative push to establish a Bitcoin reserve. According to Dennis Porter, CEO of Satoshi Action Fund, Utah’s proposal has already passed the House committee, floor, and Senate committee and is now heading for a final Senate vote. If approved, Utah will become the first state to officially hold Bitcoin in its reserves.
The move is part of a growing trend among U.S. states to embrace Bitcoin as a strategic asset. More than 50 pieces of Bitcoin-related legislation are currently in progress across 22 states. Porter noted that the landscape has changed dramatically since mid-2022, when it was difficult to get lawmakers to even discuss Bitcoin. Now, states are actively competing to pass Bitcoin-friendly laws.
North Carolina, Oklahoma, Texas, and Montana are among the states closely following Utah’s lead. North Carolina enjoys strong support for Bitcoin reserves from the Speaker of the House, while Oklahoma lawmakers are racing to push multiple Bitcoin reserve bills. Texas, known for its thriving Bitcoin mining industry, also has significant political backing. Meanwhile, Montana remains a contender despite a failed vote on a $50 million Bitcoin investment plan.
While some states are pushing forward, others have faced setbacks. At least six states, including Montana, South Dakota, North Dakota, Pennsylvania, Wyoming, and Mississippi, have rejected Bitcoin reserve proposals due to concerns over financial risks and regulatory uncertainties. Despite these challenges, lawmakers in 18 states continue to push for Bitcoin adoption.
Momentum is expected to accelerate once a single state successfully enacts a Bitcoin reserve law. According to Porter, lawmakers are hesitant to be the first movers but will quickly follow suit once one state leads the way. This competitive dynamic could result in multiple states approving Bitcoin reserves within the year.
As Bitcoin gains mainstream acceptance, political resistance appears to be fading. Roundtable host Scott Melker emphasized that opposition to Bitcoin is dwindling, with most people either supporting the initiative or remaining indifferent. With Utah’s Bitcoin bill nearing its final vote, the state could set a precedent for others to follow.
