Dennis Porter, the co-founder of the Satoshi Action Fund, has recently revealed that several nations have contacted him to help establish a national bitcoin reserve. He stated that hyperbitcoinization at a nation-state level is advancing “faster than expected.”
Satoshi Action Fund's Dennis Porter Heralds the Arrival of Nation-State Hyperbitcoinization
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Satoshi Action Fund’s Dennis Porter: ‘The Lawmaker FOMO on Bitcoin Is Real’
The expected pro- crypto character of President-Elect Trump’s upcoming administration is getting other countries to consider moving closer toward bitcoin. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, an organization that helps lawmakers create and implement bitcoin policies, has recently stated that he has been contacted by several countries to draft regulations leading to the creation of strategic bitcoin reserves.
Porter noted that he had received calls from 5 different unnamed nations regarding the strategic bitcoin reserve subject. “Now the success we have had passing legislation in the U.S. can be exported across the world,” he stressed.
Porter, who had worked with state and national lawmakers in the U.S., and supported the introduction of the Blockchain Basics Act in several states, believes this is the moment that will bring hyperbitcoinization to a nation-state level.
On this, he stressed:
Nation states are moving rapidly. It’s all happening much faster than expected. The Strategic Bitcoin Reserve momentum is incredible. History is being made. What a time to be alive.
The idea of a strategic bitcoin reserve was introduced by Senator Cynthia Lummis as part of her BITCOIN Act, which aims to establish a reserve of 5% of the total BTC market cap and safeguard it in several bitcoin vaults distributed across the U.S. However, the crypto-friendly character of the upcoming administration has refloated this subject, and Lummis is now pushing this idea again.
Read more: Republican Senator Lummis Pushes for BTC Reserve as Trump Returns to the White House
While Trump has stated that he would suspend bitcoin sales in the U.S., he has not referred either to establishing a bitcoin strategic reserve or to the possible processes that would lead to its establishment. David Bailey, CEO of BTC Inc., has called for the quick development of this idea to avoid being frontrun by other nations.
Read more: Trump’s Crypto Aide: U.S. Should Act Quickly to Incorporate a Strategic Bitcoin Reserve
