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2024

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<p>Pennsylvania made news by taking a big step towards establishing a state-level <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) reserve.</p>
<p>Introduced by Representative Mike Cabell, a new bill has been proposed to allow Pennsylvania to allocate some portion of its state reserves for Bitcoin.</p>
<p>If signed, Pennsylvania would become the first U.S. state to adopt a digital asset reserve, cementing the state as a leader in state-level fiscal innovation.</p>
<h2 class="wp-block-heading" id="h-pennsylvania-moves-toward-state-bitcoin-reserve-fund"><strong>Pennsylvania Moves Toward State Bitcoin Reserve Fund</strong></h2>
<p>The proposed legislation allows the state to invest at most 10% of its reserves in Bitcoin.</p>
<p>Representative Cabell said that Pennsylvania’s six billion dollars’ rainy day fund’ is potentially the first starting source of Bitcoin allocation, referencing inflationary pressures that erode purchasing power.</p>
<p>The bill allows up to 10 percent allocation, but Cabell recommended a smaller starting window of 1 percent to 5 percent.</p>
<p>Advocates see this initiative as a forward-looking way to ensure the state’s financial future amid economic uncertainty.</p>
<p>Pennsylvania digital asset experts also think a Bitcoin reserve could offer the state another level of fiscal resilience. It has gotten off the ground already, with the Pennsylvania House passing it and sending it to the Senate.</p>
<h2 class="wp-block-heading" id="h-bipartisan-support-grows-for-pennsylvania-bitcoin-reserve"><strong>Bipartisan Support Grows for Pennsylvania Bitcoin Reserve</strong></h2>
<p>Legislators, advocacy groups, and financial experts have backed the proposal, which they see as a way to update how assets are managed.</p>
<p>Dennis Porter’s advocacy organization, the Satoshi Action Fund, lauded Pennsylvania’s proactive approach to digital assets.</p>
<p>Porter says Pennsylvania’s responsiveness to financial instability and inflation sets the legislation as a model for other states.</p>
<p>Porter told CBS News that at least ten other states are also considering similar legislation. The idea is to spread this trend throughout the country.</p>
<h2 class="wp-block-heading" id="h-shapiro-s-backing-crucial-for-bitcoin-reserve-plan"><strong>Shapiro’s Backing Crucial for Bitcoin Reserve Plan</strong></h2>
<p>Pennsylvania Governor Josh Shapiro and his endorsement of policies aimed at building economic resilience will have to back the bill.</p>
<p>As an example of a forward-thinking administration, Governor Shapiro’s administration has hinted about openness to that concept.</p>
<p>That’s mainly because it is fundamental to economic competitiveness and innovation goals. If Shapiro gives the go-ahead, Pennsylvania would become the nation’s first state to embrace Bitcoin as part of its state reserve strategy.</p>
<p>Bipartisanship has made Shapiro’s decision crucial as the odds for a better outcome appear to rise. This signifies the administration’s willingness to adopt new asset policies.</p>
<p>Shapiro’s backing is essential to Pennsylvania’s leading on digital asset policy, advocates say.</p>
<h2 class="wp-block-heading" id="h-pro-crypto-dave-mccormick-wins-pennsylvania-senate-seat"><strong>Pro-Crypto Dave McCormick Wins Pennsylvania Senate Seat</strong></h2>
<p>A recent development in the state which was welcomed by the crypto community was that Pennsylvania’s Senate seat went to pro-crypto Republican Dave McCormick.</p>
<p>He overtook Democratic incumbent Bob Casey by a close margin. Former hedge fund CEO and blockchain advocate McCormick campaigned for economic reform with the support of vote-seeking voters worried about inflation and financial policy.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">NEW: <a href="https://twitter.com/DaveMcCormickPA?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@DaveMcCormickPA</a>, who believes the U.S. must be a leader in <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> and blockchain technology, wins Pennsylvania’s Senate seat. <a href="https://t.co/8QesYF9ZvK" rel="noopener noreferrer nofollow">https://t.co/8QesYF9ZvK</a></p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1854678533227905348?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 8, 2024</a>
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<p>Despite recounts still pending, media outlets have confirmed McCormick won. Pennsylvania’s financial reform push dovetails with McCormick’s focus on those priorities.</p>
<p>His win provides momentum for the state’s Bitcoin reserve initiative and could encourage other states to take up similar legislation.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/16/pennsylvania-moves-to-create-state-bitcoin-reserve-fund/" rel="noopener noreferrer nofollow">Pennsylvania Moves To Create State Bitcoin Reserve Fund</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Pennsylvania Moves To Create State Bitcoin Reserve Fund

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