Pennsylvania introduces bill to implement strategic bitcoin reserve

The Pennsylvania legislature has introduced a bill that would allow the state to invest in Bitcoin.

This bill, led by Representative Mike Cabell, would allow Pennsylvania to allocate up to 10% of three state funds (General Fund, Rainy Day Fund, and State Investment Fund) to Bitcoin (BTC).

Cabell argues that Bitcoin can serve as a hedge against inflation and help protect the state’s economy amid economic fluctuations.

The bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, is in line with broader interest in Bitcoin as a store of value in the United States, according to Fox.

Earlier on November 14, the Crypto Market Integrity Coalition called on Congress to create a national regulatory framework for digital assets before the end of the current legislative session.

Pro-Bitcoin sentiment across the US

This proposed legislation comes amid a nationwide pro-Bitcoin sentiment, with discussions about creating a national Bitcoin reserve should President Donald Trump take office.

Trump’s campaign advocated making the United States the “crypto capital of the planet,” leading to speculation about Bitcoin’s potential role in the federal government.

Cabell emphasized the appeal of Bitcoin for its potential to add stability to investment portfolios, citing moves by major firms such as BlackRock and Fidelity as examples.

This legislation follows Pennsylvania’s recent Bitcoin Rights bill that passed the House. If enacted, this bill will ensure residents’ rights to keep digital assets securely.