Everyone wants in on Bitcoin. And now, that includes state governments too.
What’s happening:
- Pennsylvania has become the first state government to propose a bill focused on purchasing Bitcoin to hold directly as an asset
Why it matters:
- The new bill which is known as Pennsylvania Bitcoin Strategic Reserve Act is the first bill to ever be formally submitted in the United States of America to policymakers for approval around owning digital assets for the sole benefit of a state government
- Following the recent results of the presidential election in the United States there has also been a major uptick in political discussion around making Bitcoin a strategic reserve asset on a federal level
By the numbers:
- The new bill proposes that up to 10% of the state funds that belong to Pennsylvania would go towards purchasing Bitcoin
- Currently, Pennsylvania has roughly $7B USD in assets that belong to the state government
Going deeper:
- The move towards Bitcoin ownership has also been happening with American universities, with Emory University notably becoming the first ever academic institution in the United States to disclose owning spot Bitcoin ETFs
