Pennsylvania ready to invest $1 billion in Bitcoin
American states are slowly jumping into the Bitcoin race. More and more lawmakers see this iconic cryptocurrency as a strategic option to protect public finances against rampant inflation. Breaking news: Pennsylvania is considering a significant investment in Bitcoin, illustrating a trend where BTC is establishing itself as a shield against economic instability.
Bitcoin: A Strategic Reserve for Pennsylvania?
On November 13, Pennsylvania Rep. Mike Cabell made waves with a proposal that could create buzz in the halls of other states. The bill would allow the state treasurer to invest up to 10% of his funds in Bitcoin, a first-of-its-kind move aimed at countering the damaging effects of inflation.
Inspired by financial giants like BlackRock and Fidelity, already adopters of the BTC strategy, Cabell sees Bitcoin as a safe haven.
"In times of uncertainty, a decentralized currency can stabilize our financial future," he stressed.
10% of Pennsylvania's funds, or potentially over $1 billion, could be invested in BTC;
$9.7 billion in the General State Fund;
$7 billion in the Emergency Fund, ready to join the crypto market.
BTCUSD chart by TradingView
The adoption of Bitcoin at the state level such as Florida shows a willingness to diversify and strengthen reserves in the face of global economic shocks. This strategic reserve project also has the support of Aaron Kaufer, co-sponsor of the bill, who hopes to convince skeptics in the legislature.
Inflation in the United States: The response of the states
With inflation continuing to rise, the United States is looking for solutions to protect its economy. Pennsylvania is not the only one considering BTC. Nationwide,
