President-elect Donald Trump’s proposal to establish a national Bitcoin BTC/USD The reserves are sparking a wave of support across the country, with Pennsylvania leading the way by considering its own state-held cryptocurrency reserves.
What Happened: The move is consistent with President Trump's pledge to make the United States the “crypto capital of the planet,” and fuels legislative efforts to recognize Bitcoin as a secure national asset, according to FOX. Business reports.
In Pennsylvania, lawmakers introduced the first bill of its kind, the Pennsylvania Bitcoin Strategic Preparedness Act. It would authorize the state Treasury to invest up to 10% of its $7 billion reserves in Bitcoin to hedge against inflation and diversify from traditional assets such as bonds and bonds. cash.
This bill would be a historic move towards recognition of digital assets in state portfolios.
“The Pennsylvania Bitcoin Strategic Preparedness Act is a progressive step to protect our financial future,” said Republican state Rep. Mike Cavell, the bill’s sponsor. “By consolidating, we position ourselves while protecting Pennsylvania from the relentless effects of inflation.” As a pioneer in financial resilience and innovation. ”
The demand for state-held Bitcoin reserves follows the recent rise in the value of Bitcoin, which saw its price rise by 20% in the week after President Trump's election victory.
Bitcoin recently reached an all-time high of more than $93,000 per token, making it the world's seventh-largest asset behind gold and technology giants such as Apple. AAPL,Amazon AMZN and google google.
This state law reflects the growing momentum for pro-Bitcoin policies at the federal level.
Also read: Ben Horowitz: “Biden regulators lied about cryptocurrencies”
U.S. Sen. Cynthia Lummis of Wyoming, a prominent cryptocurrency advocate, plans to introduce a national Bitcoin reserve bill within President Trump's first 100 days in office.
Pennsylvania also promoted a Bitcoin Bill of Rights aimed at protecting self-custody rights and residents' rights to use Bitcoin for payments.
The bipartisan support for the bill, which passed the Democratic-led House by a vote of 176-26, sets a positive precedent for the Pennsylvania Bitcoin Strategic Reserve Act.
Dennis Porter, founder of the advocacy group Satoshi Action Fund (SAF), which helped develop both bills, sees Pennsylvania's efforts as a model for other states.
Porter noted that SAF is already in talks with 10 other states to enact similar legislation, adding, “Both bills are important as public interest in Bitcoin is at an all-time high.'' “We expect it to be passed and ideally signed into law next year.”
If successful, Pennsylvania would become the first state to include Bitcoin directly on its balance sheet, potentially setting a trend for other states to incorporate digital assets into their economic strategies.
“This bill sends a strong message,” Keibel said. “Pennsylvania is ready to embrace modern financial solutions to ensure the prosperity of future generations.”
Pennsylvania’s evolving pro-Bitcoin stance highlights an important trend in crypto adoption at the state level and could pave the way for digital assets to play an increasingly important role in U.S. economic policy. .
As policy debates intensify, the crypto community, government officials, and investors will gather at Benzinga's “Future of Digital Assets” event on November 19th to discuss how these legislative changes will shape the future of digital finance in the United States. We plan to explore whether there is a possibility of shaping it into a.
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