Pennsylvania Introduces Bill to Create $7 Billion Strategic Bitcoin Reserve

Nov 14, 2024, 03:54 PM

The Pennsylvania House of Representatives has introduced a bill to create a Strategic Bitcoin Reserve. This legislation would allow the state to hold Bitcoin as a reserve asset on its balance sheet, aiming to recognize Bitcoin as a store of value. The bill proposes using a $7 billion state fund for Bitcoin purchases. If passed, Pennsylvania would become the first state to establish such a reserve. The bill is seen as a significant move in the broader adoption of Bitcoin by state governments, with potential implications for other states considering similar measures.