Pennsylvania’s House of Representatives has introduced the Pennsylvania Bitcoin Strategic Reserve Act, aiming to authorize the state treasury to allocate up to 10% of its $7 billion reserves into Bitcoin.

Representative Mike Cabell, the bill’s sponsor, emphasized that integrating Bitcoin could protect the state from inflation and position Pennsylvania as a leader in financial innovation.

The proposed legislation follows the recent passage of the Bitcoin Rights bill in Pennsylvania’s House, which safeguards residents’ rights to self-custody digital assets and use Bitcoin for payments.

The Satoshi Action Fund, an advocacy group instrumental in developing both bills, is collaborating with other states to enact similar legislation.

If enacted, Pennsylvania would become the first state to directly purchase Bitcoin, potentially setting a precedent for other states to incorporate digital assets into their investment portfolios.

The bill’s proponents argue that holding a portion of reserves in Bitcoin can contribute to a well-diversified and resilient portfolio.

The introduction of the Pennsylvania Bitcoin Strategic Reserve Act reflects a growing trend among U.S. states to explore the integration of digital assets into their financial strategies. The bill’s progress will be closely monitored by both proponents and critics of cryptocurrency adoption in state governance.

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