Pennsylvania Republican congressmen introduced the "Bitcoin Strategic Reserve" bill to the state's House of Representatives on Thursday, planning to allow the Pennsylvania Department of the Treasury to invest up to 10% of the state's funds in Bitcoin, and the investment amount may be billions of dollars. . This morning, the bill was officially released on Pennsylvania’s official website. (Preliminary summary: Michael Saylor: Bitcoin is the destiny of the United States! Optimistic about Congress passing a bill to buy 1 million BTC in 5 years) (Background supplement: The United States is required to buy 1 million BTC in 5 years) Congressman Lummis’s Bitcoin reserve bill is released. Where do the funds come from? ) Since Trump was elected president this month, the market has focused on whether Trump will implement his campaign proposal of “including Bitcoin as a U.S. strategic reserve asset.” It also emerged this week that several states in the United States are considering implementing their own Bitcoin reserve plans. According to Cointelegraph, Pennsylvania, the biggest key swing state in this election, is considering introducing the state’s Bitcoin reserve legislation. On the 14th, two Pennsylvania Republican congressmen, Mike Cabell and Aaron Kaufer, submitted a new bill called (Strategic Bitcoin Reserve) to the state’s House of Representatives. If passed successfully, the bill would allow the state’s Treasury Department to invest up to 10% of the State General Fund, Rainy Day Fund and State Investment Fund in Bitcoin. The Pennsylvania Department of Finance reported having more than $9.7 billion in its general fund and about $7 billion in the rainy day fund as of November. This means Pennsylvania could potentially invest billions of dollars in the future to build up the state’s Bitcoin reserves. The bill’s sponsor, Mike Cabell, stated in a legislative memorandum that the bill will promote Bitcoin as a tool to “hedge the effects of inflation,” optimistic that Bitcoin can provide stability in times of economic uncertainty. The Bitcoin Strategic Reserve Bill has been announced on Pennsylvania’s official website. The Bitcoin Strategic Reserve Bill proposed by Pennsylvania seems to be based on the framework proposed by the Bitcoin advocacy organization “Satoshi Action Fund” (Satoshi Action Fund). Dennis Porter, co-founder of the organization, tweeted on X earlier today that Pennsylvania’s “Bitcoin Strategic Reserve” bill has been officially announced on Pennsylvania’s official website. BREAKING: Pennsylvania 'Strategic Bitcoin Reserve' bill officially visible on the Pennsylvania website (HB2664) pic.twitter.com/aS3vpelx8T — Dennis Porter (@Dennis_Porter_) November 16, 2024 The group previously helped draft the bill passed by the Pennsylvania House of Representatives in October HB 2481, the Bitcoin Bill of Rights, which seeks to protect Pennsylvania residents’ rights to self-custody digital assets and ensure they are able to use Bitcoin as a payment method, is expected to be delivered in the coming weeks by the Republican-led If passed by the state Senate, it will be officially signed into law by Governor Josh Shapiro. Porter is optimistic about the prospects of both bills, saying: With public support and interest in Bitcoin at an all-time high, we expect both bills (Bitcoin Rights and Bitcoin Strategic Reserve) to pass and hopefully It will be signed into law next year. 10 U.S. states are working on establishing Bitcoin reserves Porter believes that Pennsylvania’s Bitcoin strategic reserve bill is expected to become a model for other states seeking to integrate digital assets into their investment portfolios, and revealed to Fox Business that his organization is working with other Ten states are negotiating to enact similar legislation. If the bill is passed into law, Pennsylvania would be the first state to hold Bitcoin directly on its balance sheet, marking the first step in a shift toward digital assets playing a greater role in state economic strategies. step. Michael Saylor is optimistic that the United States will pass a bill to buy 1 million BTC within five years. At the national level, U.S. Republican Senator Cynthia Lummis proposed a new bill in July to include Bitcoin in the national strategic reserve, requiring the U.S. Treasury Department to purchase 1 million BTC within five years. Bitcoin and hold it for at least 20 years. While some experts believe the bill has a slim chance of passing, with Trump elected and Republicans in control of the House and Senate, Lummis believes the bill has a good chance of being enacted successfully in this Congress. This week, MicroStrategy founder Michael Saylor said at a Miami crypto event that it is imperative for the United States to establish a strategic reserve of Bitcoin, similar to gold and land acquisitions in the past. He also predicted that the bill introduced by Lummis would pass and become "the greatest deal of the 21st century," with the United States expected to gain up to $16 trillion in economic benefits from the action. He also put forward a bold idea of ​​"Trump Max", that is, if the U.S. government increases its purchase of a total of 4 million Bitcoins, it may bring economic returns of up to US$81 trillion. Related reports: Standard Chartered: "There is a slim chance" that Trump will include Bitcoin in the U.S. strategic reserve, but he will overturn SAB121 after taking office. Detailed explanation of the encryption accounting law (U.S. Bitcoin Reserve Act): Buy 200,000 BTC every year, and accumulate one million BTC in five years. The country’s Bitcoin holdings amount to one-third of GDP. Can Bitcoin become the new favorite for global reserves? Hong Kong lawmakers support the inclusion of Bitcoin in fiscal reserves: Digital gold consensus is heating up...Can Trump lead the world to buy BTC and prepare for an arms war? "Pennsylvania in the United States proposes a "Bitcoin Strategic Reserve" bill: billions of dollars are expected to be invested in hoarding BTC." This article was first published on BlockTempo (Dongzhou Dongzhu - the most influential blockchain news media).

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