Pennsylvania Bill Proposes Investing Up to 10% of $7 Billion Fund in Bitcoin as Hedge Against Inflation

Nov 14, 2024, 04:13 PM

The Pennsylvania House of Representatives has introduced legislation to create a strategic Bitcoin reserve, allowing the state to hold Bitcoin on its balance sheet as a reserve asset. The bill, proposed by State Representative Mike Cabell, would enable the state Treasurer to invest up to 10% of its $7 billion General Fund, Rainy Day Fund, and State Investment Fund into Bitcoin. This move aims to recognize Bitcoin as a store of value and hedge against inflation. If passed, Pennsylvania would become the first U.S. state to establish a strategic Bitcoin reserve, potentially setting a precedent for others to follow.