Pennsylvania has proposed investing part of its treasury in Bitcoin as a hedge against inflation.
Representative Mike Cabell's Initiative
Representative Mike Cabell introduced a bill to allow Pennsylvania's treasury to hold up to 10% in Bitcoin. He believes BTC can offer stability in uncertain economic times, citing examples of investment firms like BlackRock and Fidelity using Bitcoin to shield their portfolios.
Strategic Bitcoin Reserve
The bill would allow investing up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin. This initiative mirrors proposals from the Satoshi Action Fund, a Bitcoin advocacy group.
State of Pennsylvania's Treasury
As of November, Pennsylvania's treasury reported more than $9.7 billion in the General Fund and roughly $7 billion in the Rainy Day Fund.
The bill is still under consideration, and it remains unclear if it will gain enough support to pass.
