Pennsylvania State Representative Mike Cabell has introduced legislation in the state’s House of Representatives to permit its treasury to hold up to 10% in Bitcoin on its balance sheet.
In a Nov. 12 memo, Representative Cabell, a Republican, said he had proposed the bill as a tool to protect against inflation, claiming using Bitcoin (BTC) as a hedge could “offer stability in uncertain economic times.” The legislation, if passed, would allow Pennsylvania’s Treasurer to invest up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin.
Representative Cabell cited investment firms like BlackRock and Fidelity turning to BTC “to shield their portfolios from economic volatility.” Reports suggested that the lawmaker had introduced the bill in the Pennsylvania House on Nov. 13.
The Strategic Bitcoin Reserve bill introduced by the Pennsylvania representative appeared to be modeled after a framework proposed by the Satoshi Action Fund, a Bitcoin advocacy group. It’s unclear whether it has enough to pass.
As of November, Pennsylvania’s Treasury reported it had more than $9.7 billion in its General Fund and roughly $7 billion in its Rainy Day Fund.
This is a developing story, and further information will be added as it becomes available.
