Pennsylvania has developed a bill on financial strategic reserves
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Johny Smith
2024/11/20
3 mins read
Pennsylvania state officials introduced a bill in the House of Representatives. According to the proposed rules, the region will be able to spend up to 10% of its budget on the purchase of bitcoin. In a related memo, Republican Representative Mike Cabell said the new bill is aimed at protecting the state from high inflation and protecting the region during uncertain economic times.
As of November 2024, the regional Treasury reported that their budget contained about $9.7 billion. Additional reserves are estimated at about $7 billion. Cabell believes that the state needs to learn from the experience of large investment companies that have begun to actively interact with Bitcoin . The region’s initiative appears to be tied to Republican promises to create legislation that would make Bitcoin an important strategic asset. It is also worth considering that from 2025, Republicans will have a majority in the Senate.
However, not all industry authorities believe that this plan can be implemented. For example, the founder of Galaxy Digital, Mike Novogratz, expressed the opinion that it is unlikely that Bitcoin will become part of the national financial reserve during the reign of Donald Trump.
As for forecasts for the medium term, Mike Novogratz is clearly full of positivity. In his opinion, over time, the flagship crypto asset will reach $500 thousand. But, as the head of Galaxy Digital said, this is unlikely to happen in the coming year. Bitcoin itself continues to demonstrate steadily growing dynamics. According to many experts, it may soon be retested at the $95,000 level.
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