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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Feb 07, 2025 08:13 UTC
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Utah Bitcoin Reserve Bill Moves Forward – Which States Will Follow?
Utah's House has advanced a bill (HB230) that could allow the state to invest public funds in Bitcoin and other high-cap crypto.
While supporters like Dennis Porter see this as a major step for Bitcoin adoption, critics like Justin Bechler argue the bill's language is too broad.
Other states like Arizona and New Mexico are considering similar Bitcoin-friendly legislation, while North Dakota recently rejected it.
Donald Trump’s Bitcoin Reserve plan excited investors last year, pushing Bitcoin to an all-time high of $109,000. But since then, the market has cooled. Today, Bitcoin is struggling to stay above $100,000, as Trump’s administration has yet to take any major steps toward implementing the plan.
Now, while the federal government drags its feet, one U.S. state is taking matters into its own hands.
Here’s what’s really happening.
Utah Advances Bill to Invest Public Funds in Crypto
While federal action remains uncertain, Utah is taking the lead in crypto adoption. The state’s House has passed a bill that could allow public funds to be invested in Bitcoin and other major cryptocurrencies. Known as HB230, the bill now moves to the Senate, bringing Utah closer to becoming the first U.S. state to hold Bitcoin in its treasury—at least, according to its supporters.
Representative Jordan Teuscher introduced the bill, which would let the state treasurer invest up to 5% of certain public funds in “qualifying digital assets.” This could include Bitcoin, stablecoins, and other top cryptos.
Dennis Porter, CEO of Satoshi Action Fund, celebrated the bill’s progress, calling it a massive win for Bitcoin adoption in the U.S. Joining the excitement, Fox Business journalist Eleanor Terrett said that the states are moving fast on BTC legislation.
But not everyone is convinced. Crypto analyst Justin Bechler argues that the bill doesn’t actually create a “Strategic Bitcoin Reserve.”
He pointed out that Bitcoin isn’t explicitly mentioned in the bill, raising concerns that it may be a broader crypto investment plan rather than a true Bitcoin-focused initiative.
Dennis Porter responded to these doubts, explaining that the bill was written this way on purpose. He said the language is designed so that only Bitcoin qualifies, even if it isn’t directly named. This approach, he argues, helps avoid political opposition and makes it easier for states to invest in Bitcoin.
Other States Are Jumping In
Utah isn’t alone in pushing for Bitcoin-friendly laws. Arizona has a similar bill, SB1025, which recently passed the Senate Finance Committee and is awaiting a House vote. New Mexico is also in the race with SB57, which would allocate 5% of public funds to Bitcoin.
Not all states are on board, though. North Dakota recently rejected a crypto investment bill, with lawmakers voting 57-32 against it. These mixed responses show that while some states are eager to integrate Bitcoin into public finance, others remain skeptical.
Never Miss a Beat in the Crypto World!
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As some states rush to embrace Bitcoin and others slam the brakes, the stakes are getting higher. We’ll keep you updated right here on Coinpedia.
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