Pennsylvania Introduces A Landmark Legislation To Establish Bitcoin Reserve
Pennsylvania’s move signals a significant step toward broader acceptance of Bitcoin as a financial reserve. As an inflation-resistant asset, Bitcoin could add value to Pennsylvania’s financial reserves over time
“The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our state’s financial future,” Republican Pennsylvania state Rep. Mike Cabell, the bill’s sponsor, told FOX Business.
He further emphasized that by integrating Bitcoin into the reserves, they are not only protecting Pennsylvania from inflation’s relentless impact but also positioning the state as a leader in financial resilience and innovation.
Impressively, Pennsylvania is the first state to introduce legislation that would allow it to purchase Bitcoin directly. Meanwhile, Michigan and Wisconsin state pension funds have started purchasing small stakes in some of Wall Street’s bitcoin exchange-traded funds, allowing investors exposure to bitcoin without directly buying it.
Pennsylvania’s move signals a significant step toward broader acceptance of Bitcoin as a financial reserve. As an inflation-resistant asset, Bitcoin could add value to Pennsylvania’s financial reserves over time.
