Several states in the US are already considering the idea of a strategic Bitcoin reserve, as advocates await a federal push from Donald Trump.
President-elect Donald Trump has now set off on the campaign trail for the November 2024 elections several big promises to the crypto industry. Still, after the election, nothing was talked about as much as his intention to launch a strategic direction for the United States Bitcoin reserve.
However, as experts continue to debate the feasibility of such a move at the federal level and its potential impact on the market, some states may be looking to get in on the action.
US states are considering the Orange Pill
Following Donald Trump’s election victory, at least three US states are considering building their own Bitcoin holdings using unique frameworks such as: recently highlighted in one CNBC Crypto World Report on Tuesday, December 24th. In conversation with CNBCEli Cohen, General Counsel of Centrifuge, claimed that the development is clearly positive for the crypto markets.
Pennsylvania
On November 12th, barely a week after Trump was announced as the next US President, Representative of the State of Pennsylvania Mike Cabell has proposed a bill to allow the state treasurer to invest state funds in Bitcoin.
House Bill 2664, or the Strategic Bitcoin Reserve Act, would allow the Treasurer to invest up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin.
Cabell argues that implementing the law would help protect government assets from inflation. He claimed that the state’s purchasing power has declined by a staggering 20% in the last four years alone, while Bitcoin continues to gain strength…
