Crypto Expert Claims US State Is About to Buy Bitcoin – Could BTC Hit $500,000?

Dennis Porter, CEO of the Satoshi Action Fund (SAF), revealed at Michael Saylor’s New Year’s Eve Bitcoin event that a US state may begin purchasing Bitcoin (BTC) within four months. While Texas was initially speculated, Porter clarified that its legislation allows only donations or tax payments in BTC, not direct purchases.

SAF has introduced 30 Bitcoin-focused bills 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 noted that 10 to 12 additional states plan to propose Bitcoin reserve legislation in 2025, with at least one state likely to finalize its bill imminently.

While Porter refrained from naming the state, he underscored its readiness to proceed after the legislation passed a critical review by a task force. If enacted, the state could begin acquiring Bitcoin this year, potentially setting a precedent for broader adoption.

Legislative Progress Toward Bitcoin Reserves

The Satoshi Action Fund plays a pivotal role in advancing Bitcoin adoption through education and policy development. By working directly with lawmakers, SAF ensures that proposed legislation moves beyond approval to meaningful implementation.

Porter highlighted the effectiveness of legislative task forces, which evaluate proposed bills in the offseason. He explained, “Every bill approved by this task force in recent years has become law.” With the Bitcoin Reserve bill passing this process, the state is now well-positioned to begin BTC acquisitions.

This development could mark a turning point in state-level crypto adoption, driving broader institutional and retail interest in Bitcoin in 2025.

Bitcoin Price Analysis: Technical Outlook

Bitcoin (BTC/USD) is trading at $97,936, down 0.27% on 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, offering stability in case of a pullback. The Relative Strength Index (RSI) at 60 reflects moderate buying pressure, while the price remains above the 50-day EMA at $95,837, signaling a short-term upward bias.

A breakout above $98,000 could drive Bitcoin toward $100,022, while a failure to breach this level may lead to renewed selling, with support at $95,837 acting as a key safety zone.

Key Insights:

• Resistance: 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 and does not constitute investment advice. You could lose all of your capital.