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Pennsylvania gets ahead of Trump and proposes creation of strategic Bitcoin reserve
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Pennsylvania has taken the lead in debates about adding Bitcoin as a store of value in the United States. State House representatives presented a bill that provides for the creation of a BTC strategic reserve.
The initiative comes amid Donald Trump’s return to the presidency, which has reignited discussions about a possible national cryptocurrency reserve.
The project proposes that the state Treasury can invest up to 10% of funds such as the General Fund, Rainy Day Fund and the State Investment Fund in Bitcoin.
If approved, the state will be able to allocate up to US$970 million from the General Fund alone to purchase the cryptocurrency. The legislative rationale highlights the need to protect Pennsylvania’s purchasing power against inflation, which has reduced the state’s spending capacity by nearly 20% over the past four years.
Bitcoin as a solution against inflation
In recent years, Bitcoin has demonstrated significant growth. While inflation in the US reached 9.1% in June 2022, falling to 2.4% in September 2024, the cryptocurrency recorded an appreciation of 289%. BTC jumped from $22,900 to over $93,000 this month.
For Republican lawmakers Mike Cabell and Aaron Kaufer, who are leading the project in Pennsylvania, this appreciation offers a promising solution to address the dollar’s devaluation.
“Bitcoin’s volatility is real, but so is its ability to outpace inflation over time. We need alternatives that provide stability in uncertain economic times,” argues the legislative memo.
In addition to the Pennsylvania proposal, politicians such as Senator Cynthia Lummis of Wyoming had already suggested a similar measure. However, the project lost strength after the cryptocurrency price fell in August. Now, with Trump back in the White House, the plan is once again gaining prominence.
Trump, known for his support of the cryptocurrency sector, believes the time is right to build a stronger economic foundation with Bitcoin.
Pennsylvania gets ahead of Trump and proposes creation of strategic Bitcoin reserve
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Pennsylvania gets ahead of Trump and proposes creation of strategic Bitcoin reserve
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Pennsylvania gets ahead of Trump and proposes creation of strategic Bitcoin reserve
