Crypto Expert Claims US State Is About to Buy Bitcoin – Could BTC Hit $500,000?
Dennis Porter, the CEO of the Satoshi Action Fund (SAF), announced during Michael Saylor’s New Year’s Eve Bitcoin event that a US state may start purchasing Bitcoin (BTC) within four months. Although there was initial speculation that Texas would be the state, Porter clarified that the state’s legislation only allows for donations or tax payments in BTC, not direct purchases.
SAF has introduced 30 bills focused on Bitcoin across 20 states, successfully passing laws in Oklahoma, Louisiana, Arkansas, and Montana to protect rights such as self-custody, mining, and peer-to-peer transactions.
Looking ahead, Porter mentioned that 10 to 12 additional states are planning to propose legislation for Bitcoin reserves by 2025, and at least one state is likely to finalize its bill soon.
While Porter did not disclose the name of the state, he emphasized its readiness to proceed after the legislation passed a critical review by a task force. If enacted, the state could start acquiring Bitcoin this year, potentially setting a precedent for broader adoption.
Legislative Progress Toward Bitcoin Reserves
The Satoshi Action Fund plays a crucial role in promoting Bitcoin adoption through education and policy development. By directly collaborating with lawmakers, SAF ensures that proposed legislation goes beyond approval and leads to meaningful implementation.
Porter highlighted the effectiveness of legislative task forces, which evaluate proposed bills during the offseason. He explained, “Every bill approved by this task force in recent years has become law.” With the Bitcoin Reserve bill going through this process, the state is now well-positioned to begin acquiring BTC.
This development could represent a turning point in crypto adoption at the state level, driving broader institutional and retail interest in Bitcoin in 2025.
Bitcoin Price Analysis: Technical Outlook
Bitcoin (BTC/USD) is currently trading at $97,936, down 0.27% for the day, as it approaches resistance near $98,000. The downward trendline visible on the 4-hour chart continues to limit gains, with immediate resistance at $98,092. Additional resistance levels are positioned at $100,022 and $102,020.
Support levels are set at $95,837, $95,446, and $91,721, providing stability in the event of a pullback. The Relative Strength Index (RSI) at 60 indicates moderate buying pressure, while the price remains above the 50-day EMA at $95,837, indicating a short-term upward bias.
A breakout above $98,000 could drive Bitcoin toward $100,022, while a failure to breach this level may result in renewed selling, with support at $95,837 serving as a key safety zone.
Key Insights:
Resistance: The downward trendline limits gains near $98,000; a breakout could target $100,022.
Support: Key levels at $95,837 and $91,721 provide a safety net for pullbacks.
Momentum: RSI at 60 and price above the 50-day EMA reflect moderate upward movement.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all of your capital.