Pennsylvania House of Representatives has proposed a bill to create a strategic Bitcoin reserve for the state. The bill, presented by Republican Representative Mike Cabell, aims to allow the treasury to invest up to 10% of its funds in Bitcoin. Cabell believes this will help fight inflation and make the state more economically stable.
The bill, called the ‘Pennsylvania Bitcoin Strategic Reserve Act,’ would allow the state treasurer to make investments of up to 10% of the state’s General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. Other states, like Michigan and Wisconsin, have already started including cryptocurrency investments in their pension funds with the help of Bitcoin ETFs.
Satoshi Action Fund, a Bitcoin advocacy group, has been working with lawmakers nationwide to promote Bitcoin for state investment portfolios.
