Pennsylvania may become the first U.S. state to incorporate digital assets into its reserves with the proposed bill for a Bitcoin reserve.
Pennsylvania on Path to Bitcoin Reserve
The bill introduced by Representative Mike Cabell would allow Pennsylvania to invest up to 10% of its reserves in Bitcoin. Cabell proposed a start with a lower range of 1% to 5% to account for inflationary risks.
Bipartisan Support for the Initiative
Bipartisan support is growing among legislators, advocates, and financial experts. Dennis Porter from the Satoshi Action Fund praised Pennsylvania's approach. He noted that at least ten other states are considering similar legislation.
Crucial Support from Governor Shapiro
Support from Pennsylvania's Governor Josh Shapiro is crucial for the bill's approval. The administration has hinted at an openness to such initiatives, potentially strengthening leadership in the digital economy.
The initiative's success could position Pennsylvania as a leader in state-level digital asset integration, possibly inspiring other regions to follow.
