Highlights:
- Pennsylvania lawmakers have pushed a new bill to convert Bitcoin to a state reserve asset.
- If the proposed legislation becomes law, Pennsylvania will hold Bitcoin in its treasury while allocating 10% of its state fund to BTC investments.
- The new bill is gaining massive publicity, with over 50,000 lawmakers receiving letters to support it.
With Donald Trump’s victory at the polls last week, the crypto landscape is gradually taking a new shape, with most regions preparing themselves to benefit from the pro-crypto president’s incoming administration. Amid the excitement about the prospect of a crypto-friendly government, Pennsylvania lawmakers are making moves to make Bitcoin a state reserve asset.
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The new development appeared in a tweet shared by renowned FOX Business journalist Eleanor Terrette. At the time of writing, the X post has attracted considerable reactions, with over 400K views, 3K likes, and several retweets and comments.
🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
Full write-up on @FoxBusiness coming shortly.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
Pennsylvania Lawmakers Push Bitcoin Reserve Bill, Inspired by Trump’s Crypto Vision
According to local media domiciled in the United States, the new bill, the Pennsylvania Bitcoin Strategic Reserve Act, became the first of its kind across states in the American nation. The motivation for the legislation stemmed from Trump’s several campaign speeches, one of which promised to make the US the world’s cryptocurrency capital and to convert Bitcoin into a permanent national asset.
If the bill eventually becomes law, it implies that the state’s treasury will hold Bitcoin on its balance sheet. In the report making rounds, the house members envisaged expanding the Bitcoin reserve bill to the nation’s level during Trump’s first 100 days as the US president.
Additionally, the new legislation becoming law implies that Pennsylvania would allocate 10% of its about $7 billion state revenue to Bitcoin. The lawmakers believe such a move would help secure the state’s financial outlook. According to them, it will help circumvent inflation by diversifying the nation’s treasury beyond the conventional cash reserves and bonds.
New Bill Might Become Law Next Year
Following Trump’s office assumption next year, chances abound that the bill will pass the legislative processes to become law next year. Optimism for such anticipation stemmed from Dennis Porter. For context, Porter is the advocacy group founder and brain behind the Bitcoin Rights bill, Satoshi Action Fund. He has also played a significant role in helping the lawmakers carve out the latest reserve bill.
According to Porter, the atmosphere around the new bill has been positive. He noted that most House members voted in support of the legislation. Notedly, 176 people supported it, while only 26 lawmakers voted against it. Meanwhile, in one of his several tweets, the advocacy group founder pleaded with his over 180K followers to send the legislation to their state lawmakers.
Part of Porter’s tweet read thus:
“We have officially launched our ‘Strategic Bitcoin Reserve’ model legislation, but we need help sending it to your state lawmakers.”
Meanwhile, in another tweet, Porter stated that the Pennsylvania Bitcoin Strategic Reserve Act is gradually gaining much-needed attention. According to the tweet, they have sent out over 50,000 letters within three hours to lawmakers across several regions in the United States. The letter encouraged the House of Representatives members to support the new legislation.
MASSIVE: Over 50,000 letters have been sent in under 3 hours to lawmakers across the USA asking them to sponsor 'Strategic Bitcoin Reserve' legislation!
We are winning! https://t.co/CyciZtnOXl pic.twitter.com/kkEoItRX2l
— Dennis Porter (@Dennis_Porter_) November 14, 2024
Moreover, for Bitcoin, the new legislation would undoubtedly imply the potential for the token’s expanded bullish run. For context, the flagship crypto is changing hands at about $89,000, mirroring a 4% decline in the past 24 hours. Before the latest correction, BTC had been establishing new peak prices, with the latest happening on November 13, when it struck $93,477.11.
🚨 BREAKING 🚨
🇺🇸 U.S. STATE PENNSYLVANIA HAVE
INTRODUCED A BILL TO BUY AND
HOLD BITCOIN ON THEIR BALANCE
SHEET LIKE COMPANIES DO.ULTRA BULLISH FOR CRYPTO 🔥
IMAGINE ALL COUNTRIES BUYING
AND HOLDING BTC WORTH BILLIONS. pic.twitter.com/a4C12McAPK— Ash Crypto (@Ashcryptoreal) November 14, 2024
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