Want to turn Bitcoin into a permanent asset in the United States? The Pennsylvania Reserve Bill may trigger a buying frenzy?

On November 15th, according to an exclusive report from FOX Business, President-elect Donald Trump's proposal to establish a national BTC reserve is gaining support nationwide. Currently, multiple states are considering implementing their own Cryptocurrency reserve plans.

According to ZeroHedge, as early as May this year, when Trump's Cryptocurrency position was still unclear, they first proposed a moderate suggestion: not only to win the Cryptocurrency vote, but also to ensure that after experiencing the suffocating anti-Cryptocurrency system of Gary Gensler and Liz Warren, the US Cryptocurrency industry went through a disastrous four years, Trump should announce the establishment of a strategic BTC/Ethereum reserve and allocate a certain amount to it (we suggest 2 million BTC/10 million Ethereum).

Two months later, at the BTC 2024 conference in Nashville, many people expected Trump to announce the news, but although he was very close to making the promise in his lengthy pro-Cryptocurrency speech, the former and future president refused to make a clear commitment, although some people believed it was just a delay until the pro-Cryptocurrency president returned to the White House.

Fast forward to November 15th, in a preview of what's coming at the federal level, according to a report from Fox Business, Trump is set to return to the White House, prompting Pennsylvania lawmakers to introduce legislation that would have the state's treasury hold the world's largest digital asset on its balance sheet, as part of a broader movement to view Bitcoin as a store of value.

The new bill, known as the Pennsylvania BTC Strategic Reserve Act, was introduced in the Pennsylvania House of Representatives on Thursday. This is the first of its kind and it will allow the state's treasury department to allocate 10% of its approximately $7 billion state funds to BTC to help fight inflation and diversify its investments beyond traditional assets such as bonds and cash reserves.

"The Pennsylvania BTC Strategic Reserve Act is a visionary initiative to ensure the future financial security of our state," Representative Mike Cabell, a Pennsylvania Republican who sponsored the bill, told FOX Business

"By incorporating Bitcoin into our reserves, we not only protect Pennsylvania from the severe impact of Inflation, but also make our state a leader in financial resilience and innovation."

As this legislation is announced, senators who support Cryptocurrency express their hope to promote the BTC Reserve Act nationwide within the first 100 days of President Trump's term.

The Strategic Reserve Bill is the second cryptocurrency-related legislation submitted to the state legislature this year. Last month, the state House of Representatives passed a bill protecting residents' right to self-custody of digital assets and ensuring they can use BTC as a payment method. Fox Business Channel reported on the BTC Rights Bill, which will be submitted to the Republican-led Senate in the coming weeks and, if passed, will be sent to Governor Josh Shapiro for signing.

According to Fox Business, Satoshi Action Fund, the advocacy organization that helped Pennsylvania congressmen draft the BTC Rights Bill, is also behind the new Strategic Reserve Bill. The organization's main goal is to help BTC become mainstream at the state level. So far, the organization has successfully assisted 21 states in drafting and passing legislation related to BTC. Its founder, Dennis Porter, hopes that the bipartisan support for the Rights Bill in October will serve as an indicator of acceptance for the Strategic Reserve Bill.

Porter said, "The BTC Rights Act passed smoothly in the Democratic-led House of Representatives with 176 votes to 26, as public support and interest in BTC reached an all-time high. We expect both bills to be passed and are expected to be signed into law next year."

Porter said the Strategic Reserve Act is expected to become a model for other states to integrate digital assets into their investment portfolios, and the Satoshi Action Fund is currently negotiating the implementation of similar legislation with 10 other states for a similar legislative process.

If the bill is passed into law, Pennsylvania will become the first state to directly hold BTC on its balance sheet, symbolizing the first step in the greater role of digital assets in state government's economic strategy.

Pennsylvania Republican Representative Mike Kabel said, "This legislation sends a clear message: Pennsylvania is prepared to take bold, modern solutions to ensure the economic prosperity of future generations."

Trump has promised to make the United States the 'global capital of Cryptocurrency' and to make BTC a 'permanent national asset,' which has filled people with optimism. Since Trump's victory, the price of BTC has soared by 20% in a week, reaching a historic high of over $93,000 per Token, with a market cap of over $1.8 trillion. This makes BTC the world's seventh largest asset, following only gold and five American technology giants including Nvidia, Apple, Microsoft, Amazon, and Google.

Before the possibility of the US Treasury officially buying Cryptocurrency was announced, the surge of BTC sparked speculation that other countries were taking similar actions, hoping to acquire this scarce asset before Uncle Sam made a move.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.

This article is authorized to be reproduced from: "PANews"

Original Author: Carbon Chain Value

'Want to turn Bitcoin into a permanent asset of the United States? The Pennsylvania Reserve Act will trigger a buying frenzy?' This article was first published in 'encryption city'