Thomas Daniels
Pennsylvania’s state legislature has introduced a landmark bill that would allow the state to invest in Bitcoin, a move led by Representative Mike Cabell. The proposed legislation, titled the Pennsylvania Bitcoin Strategic Reserve Act, would authorize allocating up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into Bitcoin, positioning the state as a potential pioneer in adopting digital assets as a hedge against economic uncertainty.
Cabell argues that Bitcoin’s resilience to inflation could provide a strategic layer of protection for Pennsylvania’s financial stability amid ongoing economic volatility. This initiative aligns with a rising interest across the United States in adopting Bitcoin as a store of value.
The announcement follows a broader trend in the U.S. toward pro-Bitcoin policies, particularly after recent advocacy by the Crypto Market Integrity Coalition, which urged Congress to implement a regulatory framework for digital assets before the current legislative session concludes.
National support for Bitcoin could intensify with the potential inauguration of President-elect Donald Trump, whose campaign has promoted a vision of establishing the U.S. as a global leader in cryptocurrency. Trump’s team has indicated support for advancing digital asset infrastructure, sparking speculation on Bitcoin’s potential role at the federal level.
Cabell pointed to the interest shown by financial giants BlackRock and Fidelity, which have integrated Bitcoin into their investment strategies as a stability measure, underscoring its appeal to institutional investors. Pennsylvania’s proposed legislation builds on this momentum and follows the recent passage of the state’s Bitcoin Rights bill, which, if enacted, would guarantee residents’ rights to securely hold digital assets.
