Pennsylvania plans $700 million Bitcoin strategic reserve

user avatar

by Giorgi Kostiuk

2 years ago

Pennsylvania lawmakers have proposed investing $700 million of the state's treasury into Bitcoin, potentially becoming the first US state to hold Bitcoin as an asset.

Cryptocurrency Investment Proposal

The proposed bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to invest 10% of the state’s treasury into Bitcoin. If passed, this would mark a significant step towards integrating Bitcoin into the state’s financial framework.

Legislative Initiatives in Pennsylvania

In October, Pennsylvania's House of Representatives passed a Bitcoin Rights bill allowing citizens to self-custody their digital assets and use Bitcoin as legal tender. The strategic reserve bill, crafted with input from Satoshi Action Fund, is backed by Dennis Porter, the group's founder.

National Bitcoin Prospects

Pennsylvania isn't alone in considering Bitcoin reserves. On a federal level, Senator Cynthia Lummis is working on her own Bitcoin reserve proposal. Experts suggest that such state or national reserves could stabilize Bitcoin prices and impact global markets.

If the bill passes, it would mark a new era in US state financial policy, though there are divided opinions on the merits and consequences of such investments.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.