Pennsylvania House Pushes Bill To Create State Bitcoin Reserve🚀🚀
$BTC 🧧🧧
The Pennsylvania House of Representatives has drafted a bill to add a strategic Bitcoin reserve for the state. The bill has been presented by Republican Representative Mike Cabell, and this bill seeks to permit the treasury of Pennsylvania to invest up to 10% of its funds in Bitcoin.
Cabell described the bill as a means to fight inflation and to enable the state to hold an asset that is resistant to economic fluctuations, something that BlackRock and Fidelity have recently done by investing in Bitcoin.
According to Representative Cabell’s proposal, Pennsylvania can protect its reserves from the effects of inflation by owning Bitcoin. The bill titled the ‘Pennsylvania Bitcoin Strategic Reserve Act’ allows the state treasurer to make an investment of up to 10% of the state’s General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. This development is significant as it provides a bullish outlook for the Bitcoin price.
With the state’s General Fund valued at over $9.7 billion, this could translate to a significant investment in the cryptocurrency.