Pennsylvania House of Representatives introduces new legislation to allow the state to hold Bitcoin as a reserve asset.
According to a report by Fox Business, Pennsylvania has introduced a new bill today on November 14th. The new bill, if passed would add Bitcoin to the state’s financial reserves. Furthermore, Pennsylvania would also become one of the first states of the United States to do so.
This bold move also reflects the growing acceptance of cryptocurrencies in mainstream finance.
🚨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’s Bitcoin Reserve Bill
It is an undeniable fact that Trump has had a huge impact on Bitcoin’s price action. After his victory recently, Bitcoin continues to break its all-time highs. On Wednesday, the asset landed on a record high, and further growth is expected as the bull-run continues.
There’s a lot of optimism regarding the integration of cryptocurrency in the US economic plan. This legislation will let the state to keep Bitcoin on the balance sheet.
Moreover, it will also help continue further legitimization of the asset. Since Trump has already stated that he wants to turn the US into the world’s crypto capital, investors are expecting more states to take similar actions.
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