Pennsylvania Proposes Landmark Bitcoin Reserve Bill Amid Trump’s Crypto Push
Pennsylvania lawmakers have introduced legislation that would allow the state to hold Bitcoin on its balance sheet. The Pennsylvania Bitcoin Strategic Reserve Act, introduced Thursday by Republican state Representative Mike Cabell, would permit the state treasury to invest up to 10% of its roughly $7 billion state funds in Bitcoin.
The legislation comes as President-elect Donald Trump’s victory has energized crypto markets, with Bitcoin reaching a new all-time high of $93,000. Trump’s campaign promise to make the U.S. the “crypto capital of the planet” has sparked similar initiatives across the country, including a push by Senator Cynthia Lummis (R-WY) to establish a national Bitcoin reserve.
“By integrating Bitcoin into our reserves, we’re not only protecting Pennsylvania from inflation’s relentless impact but also positioning our state as a leader in financial resilience and innovation,” Cabell told reporters. The representative cited the state’s nearly 20% loss in purchasing power over the past four years as a key motivation for the bill.
The legislation follows October’s successful passage of Pennsylvania’s Bitcoin Rights bill, which aims to protect residents’ rights to self-custody digital assets. Both bills were crafted with support from the Satoshi Action Fund, a Bitcoin advocacy group that has helped pass crypto-related legislation in twenty-one states.
Dennis Porter, founder of the Satoshi Action Fund, revealed that ten other states are currently exploring similar reserve legislation. If passed, Pennsylvania would become the first U.S. state to hold Bitcoin directly on its balance sheet, potentially setting a precedent for other states to follow.
The bill’s timing aligns with major institutional moves into cryptocurrency, as investment giants like BlackRock, Fidelity, and Franklin Templeton have launched Bitcoin investment products. The legislation is expected to move to the House floor when the next legislative session begins on January 7.
