Pennsylvania Introduces Bitcoin Strategic Reserve Act To Invest Up To $700 Million In BTC
President-elect Donald Trump‘s proposal to establish a national Bitcoin (CRYPTO: BTC) reserve has sparked a wave of support across the United States, with Pennsylvania leading the charge by considering its own state-held cryptocurrency reserve.
What Happened: This movement aligns with Trump’s promise to make the U.S. the “crypto capital of the planet” and has fueled legislative efforts to recognize Bitcoin as a secure state asset, FOX Business reports.
In Pennsylvania, lawmakers introduced the Pennsylvania Bitcoin Strategic Reserve Act, the first bill of its kind, which would authorize the state’s treasury to invest up to 10% of its $7 billion reserves into Bitcoin to hedge against inflation and diversify from traditional assets like bonds and cash.
The bill is set to be a historic move toward recognizing digital assets in state portfolios.
“The Pennsylvania Bitcoin Strategic Reserve Act is a forward-thinking move to protect our financial future,” said Republican state Rep. Mike Cabell, who sponsors the bill. “By integrating Bitcoin, we’re safeguarding Pennsylvania against inflation’s unrelenting impact while positioning ourselves as …
About The Author
