Pennsylvania lawmaker introduces bill for ‘strategic Bitcoin reserve’
The proposed legislation would allow the State of Pennsylvania’s Treasurer to invest up to 10% of its funds in Bitcoin, suggesting a multibillion-dollar investment.
Pennsylvania lawmakers have 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 Mike 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. As of November, the state’s Treasury reported it had more than $9.7 billion in its General Fund and roughly $7 billion in its Rainy Day Fund.
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Author: Turner Wright
