Bitcoin Reserve – Pennsylvania is betting on Bitcoin as part of a strategic financial strategy
“Pennsylvania’s Strategic Bitcoin Reserve Act is a landmark step toward long-term financial security for our state,” Republican Rep. Mike Cabell told FOX Business. He underscored that adding Bitcoin to state reserves not only serves as a hedge against inflation, but positions Pennsylvania as a leader in financial resilience and innovation.
Notably, Pennsylvania is the first state to legally allow the direct purchase of Bitcoin. Meanwhile, state pension funds in Michigan and Wisconsin have also begun purchasing small stakes in Bitcoin exchange-traded funds to provide investors with indirect Bitcoin exposure without directly purchasing the cryptocurrency.
A global trend: Bitcoin as inflation protection and an investment
The proposed legislation is part of a larger movement seen both in the United States and globally as more government and institutional organizations consider Bitcoin as a hedge against inflation and currency devaluation. If this law passes, Pennsylvania could serve as a model for other states considering similar steps.
Bitcoin has reached new records and is now trading at an all-time high of over $93,000. This increase is fueled by positive expectations surrounding Trump’s promise to make the US the “crypto capital of the world” and establish Bitcoin as a “permanent national asset.” Bitcoin is now the seventh largest asset in the world, behind gold and the five largest US tech companies such as Microsoft, Apple, Microsoft, Amazon, Nvidia and Google.
Pennsylvania takes further steps for crypto rights
The law on strategic Bitcoin-Reserve is the second crypto-related proposal introduced in the Pennsylvania legislature this year. Already last month, the state House of Representatives passed a bill that protects citizens’ rights to self-custody digital assets and ensures that they can use Bitcoin as a means of payment.
FOX Business first reported on this Bitcoin rights bill, which is expected to be introduced in the Republican-led Senate in the coming weeks. If approved, it will head to Gov. Josh Shapiro’s desk for a final signature.
