Pennsylvania Proposes State Bitcoin Reserve to Combat Inflation

The bill aims to allocate up to 10% of state funds into Bitcoin, marking a first in the U.S.

Pennsylvania House Representatives have introduced a bill to create a strategic Bitcoin reserve, potentially making it the first U.S. state to hold Bitcoin directly on its balance sheet.
The proposed legislation would allow up to 10% of the state's $7 billion funds to be invested in Bitcoin to hedge against inflation and diversify investments.
The bill, called the Pennsylvania Bitcoin Strategic Reserve Act, is supported by the Satoshi Action Fund and follows a previous bipartisan cryptocurrency bill in the state.
Bitcoin's price has surged following Donald Trump's reelection, with advocates optimistic about a national Bitcoin reserve under his administration.
If passed, the legislation could serve as a model for other states, with similar bills being considered in ten unnamed states.