Pennsylvania Lawmakers Want a Strategic
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Reserve
for the
State
Pennsylvania Lawmakers Want a Strategic Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Reserve for the State
Pennsylvania could invest up to 10% of its treasury funds into Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin if this
newly introduced bill is passed.
By Ryan S. Gladwin
Nov 15, 2024 Nov 15, 2024
3 min read
Image: Shutterstock
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House Representatives in Pennsylvania have put forward a bill that would see a
strategic Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve introduced at the state level. This comes after
noise around a potential national Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve were amplified following
Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд securing reelection as President of the United States• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США.
The bill would allow the state Treasurer to invest “up to 10%” of the State
General Fund, Rainy Day Fund, and the State Investment Fund into Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. This
is a move to protect Pennsylvania's funds against inflation, the
legislative memo said , which has eroded the state’s purchasing power in
recent years.
For the General Fund alone, this could see Pennsylvania purchase up to $970
million worth of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
“Inflation has impacted Pennsylvania’s purchasing power by nearly 20 percent
over the past 4 years, and we need solutions that can offer stability in
uncertain economic times,” the memo read. “Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, which has appreciated
significantly over the years, can help Pennsylvania keep pace with inflation
and economic change.”
In recent years, inflation peaked at 9.1% in June 2022 and has since fallen to
2.4% in September, according to the U.S. inflation calculator . This means
that dollars held by the state during this time have technically decreased in
value. Over this same period, Bitcoin ( BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ) has climbed from approximately
$22,900 to $89,150—a 289% increase.
For now, the bill has simply been introduced to the House with support from
Pennsylvania Republican Reps. Mike Cabell and Aaron Kaufer. For it to be
enacted, the bill must pass through eight more stages including reviews by the
House, introduction to and reviews by the Senate, and finally an executive
action.
This state specific Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin move comes as the conversations around a national
strategic Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve have heated up, following Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s reelection.
The Boosting Innovation, Technology, and Competitiveness Through Optimized
Investment Nationwide Act—simply referred to as the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Act —was floated
by several U.S. politicians in July and early August but it lost steam
following Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price plummeting .
The bill is supported by Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд and led by Sen. Cynthia Lummis (R-WY). If it
were enacted in its current form, it would see the Department of Treasury
purchase 1 million BTC over a five year period. This would total nearly 5% of
the total supply of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and, at its current price, would cost
approximately $89 billion.
Once Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s next term was secured, Lummis took to Twitter to boast that the
reverse was back on the cards. She told Decrypt , “we are better positioned
than ever before to build a brighter economic future by creating a strategic
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve.”
Lummis claims the new strategic Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve would hold the leading
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта for 20 years before considering if the U.S. should sell. Still,
similarly to Pennsylvania's Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserve act, the bill is yet to move
past being introduced to the Senate.
Skeptics think it’ll still take a long time to convince enough senators and
representatives that this is a good idea, while Lummis eyed up the next
Congress as the perfect time to get it over the line.
Edited by Stacy Elliott .
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