Dennis Porter, the CEO of the Satoshi Action Fund (SAF), made a noteworthy announcement during Michael Saylor’s New Year’s Eve Bitcoin event. He hinted that within four months, a U.S. state could begin acquiring Bitcoin (BTC). While initial speculation centered on Texas, Porter clarified that the state’s legislation only permits the use of BTC for donations or tax payments but does not allow direct purchases.
Legislative Push for Bitcoin Adoption
SAF has been instrumental in promoting Bitcoin-related policies, having introduced 30 bills across 20 states. Among these, legislation has successfully passed in Oklahoma, Louisiana, Arkansas, and Montana. These laws safeguard fundamental Bitcoin rights, including self-custody, mining, and peer-to-peer transactions.
Porter confidently asserted:
“There is a near 100% guarantee that a state in the U.S. will begin to buy Bitcoin. We will know who in the next 4 months. It’s happening.”
Looking ahead, he revealed that 10 to 12 additional states plan to introduce Bitcoin reserve bills in 2025. One state, in particular, is expected to finalize its legislation soon.
A Milestone in Bitcoin Reserve Legislation
Although Porter refrained from naming the state, he emphasized its readiness to act. The proposed legislation has passed a crucial review by a task force, signaling its potential enactment this year. If implemented, the state’s decision could set a significant precedent for other states to follow.
Role of the Satoshi Action Fund
The Satoshi Action Fund has played a pivotal role in advancing Bitcoin adoption through education and policymaking. By collaborating closely with lawmakers, SAF ensures the seamless transition of approved bills into actionable policies.
Porter highlighted the reliability of task forces in evaluating legislation during legislative recess periods. “Every bill approved by this task force in recent years has become law,” he noted. With the Bitcoin Reserve bill clearing this process, the state is now well-positioned to begin its BTC acquisition journey.
This legislative breakthrough could signify a turning point, spurring institutional and retail interest in Bitcoin throughout 2025.
Bitcoin Price Analysis: Technical Overview
As of now, Bitcoin (BTC/USD) is trading at $97,936, reflecting a slight 0.27% decline. The cryptocurrency faces resistance near $98,000, with a downward trendline visible on the 4-hour chart. Immediate resistance is noted at $98,092, while additional barriers lie at $100,022 and $102,020.
On the downside, support levels are positioned at $95,837, $95,446, and $91,721. The Relative Strength Index (RSI) at 60 indicates moderate buying pressure. Furthermore, Bitcoin’s price remains above the 50-day EMA at $95,837, suggesting a short-term bullish bias.
Key Technical Insights:
- Resistance Levels: The downward trendline near $98,000 limits gains; breaking this level could drive BTC to $100,022.
- Support Levels: Strong support exists at $95,837 and $91,721, offering stability during pullbacks.
- Momentum Indicators: RSI at 60 and price above the 50-day EMA highlight moderate upward momentum.
A breakout above $98,000 may propel Bitcoin toward $100,022. However, failure to breach this level could lead to renewed selling pressure, with $95,837 acting as a critical support zone.
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