What’s New in the US Crypto Market: Pennsylvania’s Bitcoin Reserve Bill
As Trump has been elected president, his proposal to establish a national Bitcoin reserve has gained growing support across the country. Recently, the Pennsylvania House of Representatives introduced a bill called the Pennsylvania Bitcoin Strategic Reserve Act, the first legislation that would allow a state government to put Bitcoin on its balance sheet. Under the bill, the state will allocate 10% of approximately $7 billion in state funds to Bitcoin, aiming to help combat inflation and diversify investments.
The introduction of this bill marks the recognition of Bitcoin as a store of value and may trigger other states to follow suit and further promote the mainstreaming of digital assets. Pennsylvania lawmakers said that by adding Bitcoin to the state reserve, they can add new impetus to the state’s economy, improve financial resilience, and remain competitive amid future challenges. This movement not only reflects confidence in Bitcoin, but also shows that the market’s acceptance of cryptocurrencies is gradually increasing.
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