Utah Moves Closer to Becoming First U.S. State with a Bitcoin Reserve

Last Updated on February 3, 2025

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Key Takeaways:

  • Utah’s Legislative Momentum: Utah is poised to become the first U.S. state to establish a Bitcoin reserve, backed by strong political support and a swift legislative process.
  • Committee Approval: A Utah House committee voted 8-1 in favor of the bill, signaling likely passage given the committee’s track record of legislative success.
  • Federal Proposal: U.S. Senator Cynthia Lummis is promoting a federal-level Bitcoin reserve bill, aiming for the U.S. to acquire 1 million Bitcoin over five years.

Utah could become the first U.S. state to establish a Bitcoin reserve, thanks to strong political momentum and a fast-moving legislative session.

With only 45 days to decide, the state has a high chance of passing the bill, according to Dennis Porter, CEO of the Satoshi Action Fund.

On Jan. 28, a Utah House committee voted 8-1 in favor of the bill, allowing the state to allocate public funds into Bitcoin, other cryptocurrencies with a market cap above $500 billion, and approved stablecoins.

Given that all past bills from the Utah House Economic Development Committee have become law, expectations for this one are high.

Arizona is the only other state at a similar legislative stage, while others—including Illinois, Texas, and Wyoming—have introduced similar bills.

Officials in states like Florida and Alabama support the idea but have yet to propose formal legislation.

On the federal level, Senator Cynthia Lummis is pushing for a Bitcoin reserve bill, aiming for the U.S. to acquire 1 million Bitcoin.

The plan suggests repurposing seized Bitcoin and selling a portion of the U.S. gold reserves.

If successful, the strategy could reduce national debt by 35% by 2049, according to asset manager VanEck.

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