Ahead of Donald Trump’s arrival in the White House, Pennsylvania has officially introduced a bill that would create a Bitcoin strategic reserve for the state. Indeed, a Fox Business report states that several states across the country are beginning to establish their own plans to integrate the leading cryptocurrency.
Pennsylvania lawmakers introduced the bill as Donald Trump’s second term is likely to introduce a strategic reserve for the crypto. Indeed, US Senator Cynthia Lummis previously suggested that Trump could approve the legislation within the first 100 days of his second term.
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Pennsylvania Introduces Bitcoin Reserve Bill as Trump Prepares National BTC Stash
There is no denying the impact that Donald Trump has had on Bitcoin. Following his victory in this year’s presidential election, the asset has continued to set landmark price records. That all culminated in a $93,000 record price Wednesday, with the asset still expected to grow.
The optimism is connected to the likely integration of cryptocurrency into the country’s economic plan. In preparation for that, Pennsylvania has become one of the first states to introduce a bill to create a strategic Bitcoin reserve. The move precedes plans to do the same on a federal level.
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The introduced legislation would allow the state Treasury to hold Bitcoin on its balance sheet. Moreover, it would continue the trend of legitimizing the asset class in a major way. The decision aligns with Trump’s call to make the United States the “crypto capital of the planet.
With a market cap of $1.8 trillion, BTC is officially the seventh-largest asset in the world. That facet makes the asset a strong contender to have a reserve established, as it has already surpassed the market cap of Silver and some of the world’s largest and most prominent companies.
The aforementioned Pennsylvania Bitcoin Strategic Reserves Act was introduced by the state’s House of Representatives Thursday. It allocates 10% of $7 billion in state funds to BTC to help continue fighting inflation and provide increased diversification beyond traditional reserves.
