Satoshi Action Fund’s CEO Dennis Porter Says 2 More States Will Approve Strategic Bitcoin Reserve Bills in 2 Months
- The demand for Bitcoin by the Sovereign wealth fund has been with the past few years.
- Bitcoin prices are expected to record a parabolic rally in the coming months after recovering $ 100K again.
The momentum for approved by Strategic Bitcoin Reserves (SBR) at the state level has gained significant traction after New Hampshire and Arizona led the way. According to Dennis Porter, the CEO and co-founder of the Satoshi Action Fund, there is a strong chance that two other US states will approve and sign in the law of SBR bills for less than 60 days.
“It's also not I just guess. There are two states with very high odds to do it, especially now that the two have passed it in law,” Porter mentioned.
Among other likely states to approve SBR bills included Utah, especially after the Blockchain bill and digital innovation amendments passed a home committee with an 8-1 vote earlier this year. Texas is another state that is likely to approve the SBR bill in the next two months.
SBR's impact on bitcoin price action
The rising demand for Bitcoin through Sovereign funds in addition to institutional investors play an important role in the underlying bullish emotion. Moreover, bitcoin's fear and greed has risen to more than 70 percent, which has signed a general greed in the market.
In recent days, the price of Bitcoin has released gold and the broader stock market to rally beyond $ 100K in the first time since US president Donald Trump has been in office earlier this year.
According to MILLIA US-based prediction platform, the price of Bitcoin has a high chance of rally at a peak of $ 131k before the end of 2025.
From a technical analysis perspective, the price of Bitcoin has mirrored the 2017 Bull Market Cycle, thus signed by the start of the expected parabolic rally in the coming months.
