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Pennsylvania House Moves To Add Bitcoin To State Balance Sheet As Reserve Asset

Press Releases Crypto News Bitcoinist Pennsylvania House Moves To Add Bitcoin To State Balance Sheet As Reserve Asset

As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States.

Several states are now reportedly considering plans to establish their own cryptocurrency reserves, reflecting a broader movement to recognize Bitcoin as a legitimate store of value.

Pennsylvania’s Bitcoin Strategic Reserve Act

In Pennsylvania, lawmakers have introduced the Pennsylvania Bitcoin Strategic Reserve Act, which would enable the state treasury to hold Bitcoin on its balance sheet.

As FOX reports, this legislation aims to allocate up to 10% of the state’s approximately $7 billion in funds into Bitcoin, providing a hedge against inflation and diversifying investments beyond traditional assets like bonds and cash reserves. Republican state Representative Mike Cabell, the bill’s sponsor, stated:

The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our state’s financial future. By integrating Bitcoin into our reserves, we’re not only protecting Pennsylvania from inflation’s relentless impact but also positioning our state as a leader in financial resilience and innovation.

The introduction of this bill comes amid growing optimism about Trump’s potential impact on the cryptocurrency market, as the now 47th president has been vocal about key vows that could further accelerate the adoption and growth of digital assets, not only in the US, but globally.

Following Trump’s Nov. 5 election victory over Vice President Kamala Harris, BTC’s price jumped more than 25% from around $67,000 to an all-time high of $93,250 per token and a marke

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Author: Ronaldo Marquez

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