The anticipated pro-crypto stance of President-Elect Donald Trump’s upcoming administration is prompting other countries to move closer to Bitcoin. Dennis Porter, co-founder and CEO of the Satoshi Action Fund—an organization that helps lawmakers create and implement Bitcoin policies—has revealed that he has been contacted by five different nations to draft regulations leading to the creation of strategic Bitcoin reserves.
“Now the success we have had passing legislation in the U.S. can be exported across the world,” Porter stressed. He previously worked with state and national lawmakers in the U.S. and helped introduce the Blockchain Basics Act in several states. Porter believes this moment will bring hyperbitcoinization to a nation-state level.
Five Countries in Contact: ‘Lawmaker FOMO on Bitcoin Is Real’
Porter noted that he had received calls from five unnamed nations regarding strategic Bitcoin reserves. “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,” he stated.
The idea of a strategic Bitcoin reserve was introduced by U.S. Senator Cynthia Lummis as part of her BITCOIN Act, which aims to establish a reserve of 5% of the total Bitcoin market cap and safeguard it in several vaults distributed across the U.S. Lummis has recently renewed efforts to push this proposal, given the crypto-friendly outlook of the incoming administration.
Exporting U.S. Legislative Success Globally
The Satoshi Action Fund, founded by Porter, specializes in helping legislators draft Bitcoin and blockchain-friendly policies. After achieving multiple state-level successes in the U.S., the organization is now advising foreign governments. “The strategic Bitcoin reserve momentum is incredible,” Porter said, adding that he is confident more nations will follow.
While Trump has stated he would suspend Bitcoin sales by the U.S. government, he has not explicitly endorsed a strategic reserve. David Bailey, CEO of BTC Inc., has urged quick action: “The U.S. should act quickly to incorporate a strategic Bitcoin reserve before other nations frontrun us.”
A Historic Turning Point for Hyperbitcoinization
Hyperbitcoinization—the process in which Bitcoin becomes the dominant currency or reserve asset—is now transitioning from a theoretical concept to a real-world nation-state phenomenon. If multiple countries begin accumulating Bitcoin as a strategic asset, it could significantly impact supply dynamics and push prices higher.
Porter has declined to name the countries that contacted him but hinted that more details will emerge soon. As the race for national Bitcoin reserves heats up, the global financial landscape may be on the cusp of a historic transformation.