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According to a Fox Business report, Pennsylvania legislators have introduced a new bill in the House to create a Bitcoin strategic reserve in the state. Bitcoin has crossed record-high prices following President-elect Donald Trump’s victory in the November election, and the bill is the result of action by the Bitcoin advocacy group, the Satoshi Action Fund. It is the second legislation of its kind in the Pennsylvania legislature, with an earlier bill receiving bipartisan support for allowing Bitcoin’s use as a currency and residents’ rights to self-custody of digital assets.
Legislation Moved In Pennsylvania To Create Bitcoin Strategic Reserve
The growing popularity of Bitcoin has led several countries to adopt the currency as their strategic reserve. However, if today’s bill introduced in the Pennsylvania legislature is passed and signed by Governor Josh Shapiro, then the state will become the first in the US to have created a strategic Bitcoin reserve.
Details about the bill reported by Fox News show that its proposers aim to allocate 10% of the state’s $7 billion funds to the strategic cryptocurrency reserve. Its proposers hope that Bitcoin will serve as a hedge against inflation and allow the state to expand its investments from traditional securities such as bonds.
The latest legislation significantly increases the role that its proposers hope for Bitcoin to play in the state. Supported by…
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