Will Utah Become the First State in the U.S. with a Bitcoin Reserve Fund?

State #Utah is making significant strides in the race to become the first state in the U.S. to officially own a Bitcoin reserve fund. This follows the Utah House passing bill HB230, paving the way for Bitcoin to be included in the public investment portfolio.

🔹 How is Utah's Bitcoin reserve bill progressing?

On February 6, 2025, Dennis Porter, CEO of Satoshi Action Fund, announced that bill HB230 - Amendment on digital innovation and blockchain has been passed by the Utah House. Previously, on January 28, 2025, the bill also received overwhelming support (8:1) from the House Economic Development Committee.

🟢 Next steps:
✅ The bill needs to be approved by the Utah Senate.
✅ If passed, it will be submitted to the state governor for signing into law or veto.
✅ If vetoed, the bill may need to be amended or rejected.

However, Dennis Porter remains optimistic and believes that Utah will become the first state in the U.S. to officially have a Bitcoin reserve fund.

🔹 How will Utah invest in Bitcoin?

Bill #HB230 proposes to allocate up to 10% from certain public funds to invest in cryptocurrency, including:
✅ General budget reserve fund
✅ Income tax budget reserve fund
✅ Budget stabilization fund

Additionally, the bill allows the state treasurer to engage in staking and lending digital assets, provided that safety and financial transparency conditions are met.

🔹 Is Utah the only state wanting to reserve Bitcoin?

Not just Utah, many other states in the U.S. are also racing in the Bitcoin competition:
🏛 #Oklahoma , Texas, Pennsylvania: Have submitted similar bills.
💰 Wisconsin, Florida, Michigan: Are heavily investing in crypto.
📊 According to the Bitcoin Reserve Monitor, there are currently 14 states in the U.S. proposing policies to allow local governments to invest in cryptocurrency.

🔹 Is cryptocurrency gradually conquering the U.S. government?

The push by Utah and many other states for Bitcoin policies indicates a significant change in local government perspectives.
💡 Under Donald Trump, many states became more open to Bitcoin.
🏦 The federal government is also considering building a national Bitcoin reserve.

If Utah succeeds, this could be a major turning point, paving the way for many other states and even the entire U.S. to join the Bitcoin game! 🚀