As President-elect Donald Trump’s proposal to establish a national bitcoin reserve gains traction, Pennsylvania lawmakers are leading the charge with their own plan.
The new legislation called the Pennsylvania Bitcoin Strategic Reserve Act, could make Pennsylvania the first state to hold bitcoin directly in its treasury, offering a unique way to combat inflation and diversify state investments.
According to a FOX Business report, the bill introduced by Republican Rep. Mike Cabell would allow Pennsylvania to allocate up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin.
This move aims to protect the state from inflation and position it as a leader in financial innovation. “This bill is a visionary step toward securing Pennsylvania’s financial future,” said Cabell.
The bill comes at a time when Bitcoin has surged in value, hitting a record price of over $93,000 per token following Trump’s election victory. As Trump’s return to the White House sparks optimism for the crypto industry, bitcoin’s market cap has climbed past $1.8 trillion, making it the world’s seventh-largest asset.
The new bill is part of a broader push for cryptocurrency adoption and a hedge against inflation at the state level. Pennsylvania has already passed the Bitcoin Rights bill, which ensures residents’ rights to self-custody digital assets.Â
This bill, supported by the Satoshi Action Fund (SAF), has already gained strong bipartisan support, and its success is expected to carry over to the new reserve bill.
With discussions ongoing in other states, Pennsylvania could soon lead the way in integrating digital assets into state economic strategies. If passed, the state would set a significant precedent, sending a bold message about embracing modern financial solutions for long-term prosperity.
Also Read: UK to Introduce Crypto Rules to Compete with Trump-Led US
