- Pennsylvania’s legislature, led by Representative Mike Cabell, has introduced a bill that would enable the state to invest in Bitcoin by allowing the allocation of up to 10% from three state funds into Bitcoin.
- The proposed legislation builds upon Pennsylvania’s recent legislative success with the Bitcoin Rights bill, which has already passed the House.
With President-elect Donald Trump set to take office for another term in January, his initiative to establish a national Bitcoin reserve is gaining traction. In light of this proposal, Pennsylvania, lawmakers have put forth the Pennsylvania Bitcoin Strategic Reserve Act, which would permit the state treasury to include Bitcoin in its assets.
As reported by FOX News on November 14, this proposed legislation seeks to invest up to 10% of Pennsylvania’s approximately $7 billion budget into Bitcoin (BTC). The goal is to provide a safeguard against inflation and to diversify the state’s investment portfolio beyond conventional assets such as cash and bonds.
🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
Full write-up on @FoxBusiness coming shortly.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
State Representative Mike Cabell, who sponsored the bill, highlighted that the Pennsylvania Bitcoin Strategic Reserve Act represents a forward-thinking approach to securing our state’s financial future. He emphasized that by incorporating Bitcoin into its reserves, the act is not only shielding Pennsylvania from the persistent effects of inflation but also positioning it as a frontrunner in financial innovation and resilience.
In addition to the Bitcoin reserve legislation, the Pennsylvania House approved a Bitcoin Rights bill in October 2024. The bill is designed to safeguard residents’ rights to self-custody of their digital assets and utilize Bitcoin for transactions. Notably, the bill garnered broad bipartisan support thanks to the Satoshi Action Fund advocacy group. It was passed with a vote tally of 176 to 26 with 76 Democrats and all 100 Republicans supporting the measure.
Growing Support for Bitcoin Across the U.S.
This proposed legislation emerges during a period of increasing pro-Bitcoin enthusiasm nationwide, particularly in light of discussions about establishing a national Bitcoin reserve if Donald Trump assumes office.
Representative Cabell pointed to actions taken by major investment firms like BlackRock, a global asset manager, and Fidelity, emphasizing Bitcoin’s attractiveness as a means to enhance stability in investment portfolios
As reported by CNF, Republican Senator Cynthia Lummis from Wyoming has put forward a plan to create a U.S. Bitcoin reserve by selling a portion of the Federal Reserve’s gold holdings. Her proposal seeks to convert gold into one million Bitcoins, which represents roughly 5% of the total supply, for an estimated cost of $90 billion.
This strategy aims to utilize existing financial assets without adding to the national deficit, enabling the establishment of a Bitcoin reserve without imposing a burden on taxpayers.
As of this writing, BTC is trading at $87,983%, up 0.15% in the past hour. However, the token has experienced a 26.48% decrease in daily volume settling at $87 billion.
