Official announcements or press releases from U.S. state governments

Pennsylvania Seeks to Establish First State Bitcoin Reserve, Allocating Up to 10% of Funds

Nov 14, 2024, 03:44 PM

Pennsylvania's House of Representatives has introduced legislation to establish a Strategic Bitcoin Reserve, allowing the state to hold Bitcoin as a reserve asset on its balance sheet. The proposed bill, introduced by State Representative Mike Cabell, aims to recognize Bitcoin as a store of value and could allocate up to 10% of the state's General Fund to Bitcoin investments. Cabell described the bill as "a visionary step toward securing our state’s financial future." If passed, Pennsylvania would become the first U.S. state to hold Bitcoin as a strategic reserve, potentially prompting other states to consider similar measures.