Pennsylvania introduces Bitcoin investment bill

The initiative is designed to use Bitcoin as a hedge against inflation, potentially stabilising the state’s economy.

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Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.

The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.

Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.