Pennsylvania Legislator Proposes ‘Strategic Bitcoin Reserve Act’ to Allow State Financial Officer to Invest in Bitcoin

On November 15, COINOTAG News reported significant legislative movement in Pennsylvania regarding cryptocurrency investments. A newly introduced bill, named the Strategic Bitcoin Reserve Act, aims to empower the state’s financial officer to allocate funds into Bitcoin and other digital assets. This initiative mirrors a recent proposal championed by U.S. Senator Cynthia Lummis. Co-sponsored by Republican Representatives Mike Cabell and Aaron Kaufer, the bill is currently under consideration in the Pennsylvania House of Representatives. Cabell emphasized in a recent memo the potential of investing in Bitcoin as a strategic tool to hedge against inflation. If passed, this legislation could mark a pivotal shift in how state-managed funds interact with the rapidly evolving digital financial landscape, potentially influencing broader institutional acceptance of cryptocurrencies.