As President-elect Donald Trump prepares to take office again in January, his proposal The idea of creating a national bitcoin reserve is gaining momentum across the United States.
Several states are now reportedly considering plans to establish their own cryptocurrency reserves, reflecting a broader movement to recognize bitcoin as a legitimate store of value.
Pennsylvania Strategic bitcoin Reserve Act
In Pennsylvania, lawmakers have introduced the Pennsylvania Strategic bitcoin Reserve Act, which would allow the state treasury to hold bitcoin on its balance sheet.
like fox <a target="_blank" href="https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve” target=”_blank” rel=”noopener nofollow”>informationThis legislation aims to allocate up to 10% of the state's roughly $7 billion in funds to bitcoin, providing a hedge against inflation and diversifying investments beyond traditional assets like bonds and cash reserves. Republican state representative Mike Cabell, sponsor of the bill, stated:
The Pennsylvania Strategic bitcoin Reserve Act is a visionary step to secure our state's financial future. By integrating bitcoin into our reserves, we not only protect Pennsylvania from the relentless impact of inflation, but we also position our state as a leader in financial resilience and innovation.
The introduction of this bill comes amid growing optimism about Trump's potential impact on the cryptocurrency market, as the now 47th president has expressed his opinion on key votes That could further accelerate the adoption and growth of digital assets, not just in the US, but globally.
After Trump's November 5 electoral victory Over Vice President Kamala Harris, the price of btc jumped more than 25% from around $67,000 to an all-time high of $93,250 per token and a market capitalization of more than $1.8 trillion on Wednesday.
This massive rise placed bitcoin as the seventh largest asset globally, behind only gold and major American technology companies such as Nvidia, Apple, microsoftamazon and Google.
A model for other states?
In addition to bitcoin reserve legislation, the Pennsylvania House recently approved a bitcoin rights bill, which aims to protect residents' rights to self-custody of digital assets and the use of btc for payments.
This bill, supported by advocacy group Satoshi Action Fund, received significant bipartisan support and passed by 176 votes to 26. The group is optimistic that strong public interest in the leading digital asset will carry over into the bill. of Strategic Reserve.
Dennis Porter, founder of the Satoshi Action Fund, highlighted his success in helping craft and pass btc-related legislation in 21 states. With discussions underway in 10 other states, he believes Pennsylvania initiative could serve as a model for broader adoption of digital assets in state investment strategies.
If Pennsylvania's Strategic bitcoin Reserve Act is enacted, it would position the state as the first in the country to hold btc directly on its balance sheet, which could signal a shift toward more meaningful integration of digital assets into government economic strategies.
Mike Cabell emphasized that the legislation sends a clear message: “Pennsylvania is ready to embrace bold, modern solutions to safeguard economic prosperity for generations to come.”
At the time of writing, btc has fallen back to the $89,000 level, but is still up over 35% on the monthly period.
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