Pennsylvania could become the first US state to adopt Bitcoin as a strategic reserve, allocating 10% of its finances to the king of cryptocurrencies. A bold bill, led by Republican Representative Mike Cabell, which echoes Donald Trump's plan to build a BTC reserve for the United States.
Will Pennsylvania soon be partly based on Bitcoin?
Donald Trump does not yet sit in the presidential office that the US state of Pennsylvania is already embracing its desire to build a strategic Bitcoin reserve.
According to Fox Business reporter Eleanor Terrett, a bill called the Pennsylvania Bitcoin Strategic Reserve Act, led by Representative Mike Cabell, proposes that Pennsylvania allocate 10% of its financial reserves, estimated at $7 billionwhen purchasing Bitcoin.
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The initiative aims to diversify the assets of the American government while guarding against inflation, a major challenge. If Pennsylvania passes this bill, it would become the first US state to integrate Bitcoin as a reserve assetthus paving the way for an innovative approach to public financial management in the United States.
By integrating Bitcoin into our reserves, we are not only protecting Pennsylvania from the ongoing impact of inflation; we also position our state as a leader in financial resilience and innovation.
Furthermore, the outcome of this bill will largely depend on the support of Governor Josh Shapiro. Known for his avant-garde vision in terms of economic competitiveness, the latter would be favorable to innovative investment strategies in line with current economic issues.
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According to Dennis Porter, co-founder of the Satoshi Action Fund, around ten other American states are considering similar initiativesinspired by the path traced by Pennsylvania, but especially by Donald Trump.
Indeed, pro-crypto senators wish to advance a bill aimed at adopting BTC as a strategic reserve asset for the United States, within 100 days maximum after the inauguration of the former president.
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Last month, the Pennsylvania State House approved a bill to protect residents' rights to self-custody their digital assets and to ensure them the possibility of using Bitcoin as a means of payment.
“ With public support and interest in Bitcoin at an unprecedented level, we expect both laws to be passed and hopefully signed into law next year, » said Dennis Porter on this subject.
At the same time, we learn this evening that Republican Senator Cynthia Lummis, who instilled the idea of a strategic BTC reserve in Donald Trump, will introduce a bill so that the United States sells part of its gold to acquire $90 billion in Bitcoin.
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Source: Fox Business
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