By crypto.news | Created at 2024-11-14 18:29:29 | Updated at 2024-11-25 04:16:14
1 week ago
Pennsylvania’s legislature has introduced a bill allowing the state to invest in Bitcoin.
Led by Representative Mike Cabell, this bill would permit Pennsylvania to allocate up to 10% of three state funds — the General Fund, Rainy Day Fund, and State Investment Fund — into Bitcoin (BTC).
Cabell argues that Bitcoin could act as a hedge against inflation, helping protect the state’s economy amid economic volatility.
The bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aligns with a broader interest in Bitcoin as a store of value in the U.S., according to Fox.
Earlier on Nov. 14, the Crypto Market Integrity Coalition called on Congress to establish a national regulatory framework for digital assets before the current legislative session ends.
Pro-Bitcoin sentiment across the United States
This proposed legislation comes amid a nationwide pro-Bitcoin sentiment, with discussions about creating a national Bitcoin reserve should President-elect Donald Trump take office.
Trump’s campaign has advocated for making the U.S. the “crypto capital of the planet,” leading to speculation about Bitcoin’s potential role in the federal government.
Cabell cited the moves of major firms like BlackRock and Fidelity as examples, highlighting Bitcoin’s appeal for its potential to add stability to investment portfolios.
This legislation follows Pennsylvania’s recent Bitcoin Rights bill, which passed the House. If signed into law, that bill would ensure residents’ rights to hold digital assets securely.
