BCGAME - Free 5BTC Daily Bonus!- Lawmakers propose Bitcoin as inflation hedge
- Bill seeks to diversify state reserves
- Lummis Promotes Bipartisan Adoption of Bitcoin Act
In a bold move that follows in the footsteps of similar federal initiatives, Pennsylvania lawmakers have introduced a bill that could allow the state treasurer to invest in Bitcoin and other digital assets. Inspired by legislation proposed by the Senator Cynthia Lummis, the bill, known as the “Strategic Bitcoin Reserve Act,” was co-sponsored by Republican Representatives Mike Cabell and Aaron Kaufer and introduced in the state House of Representatives.
According to Cabell, the move aims to use Bitcoin as a tool to “hedge against inflation,” an idea reinforced by a recently filed memo. Cabell highlighted the growing acceptance of Bitcoin by renowned financial institutions such as BlackRock, Fidelity and Franklin Templeton, and by other states, such as Wisconsin, that are already making strategic investments in digital assets.
“Over the past few decades, both financial institutions and sovereign governments have invested in Bitcoin to protect their portfolios against economic volatility,” Cabell said in the memo. He also cited studies that support the idea that a small amount of Bitcoin can help create diversified and resilient portfolios.
On a broader federal level, Senator Lummis, a well-known cryptocurrency industry advocate and Bitcoin holder, has introduced a similar proposal. Her bill, the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,” or the “BITCOIN Act,” proposes to make it easier for states and federal agencies in the United States to adopt Bitcoin.
With palpable optimism, Lummis shared in a post on X: “I believe we can do this with bipartisan support in the first 100 days IF we have the support of the people. It’s a game changer for our nation’s solvency. Let’s put America on solid financial footing and pass the Bitcoin Act!”
This strategic focus from lawmakers at both the state and federal levels signals a growing recognition of Bitcoin’s potential as an economic policy tool, not just as a speculative investment.
