Multiple States Consider Implementing Crypto Assets Reserve Plan

According to reports, a proposal to establish a national Bitcoin reserve is gaining support nationwide, with several states considering implementing their own Crypto Assets reserve programs.

As early as May this year, some suggested that a strategic Bitcoin/Ethereum reserve should be established and allocated a certain amount. This proposal aims to support the U.S. Crypto Assets industry and ensure its revival after experiencing an unfavorable policy environment.

Recently, Pennsylvania lawmakers introduced a new bill called the "Pennsylvania Bitcoin Strategic Reserve Act." This is the first of its kind, allowing the state's treasury to allocate 10% of its approximately $7 billion state funds to Bitcoin, in order to combat inflation and diversify its investments beyond traditional assets such as bonds and cash reserves.

The sponsors of the bill stated that this is a visionary initiative aimed at ensuring the future financial security of the state. By incorporating Bitcoin into reserves, it not only protects Pennsylvania from the severe impacts of inflation but also positions the state as a leader in financial resilience and innovation.

Senators supporting Crypto Assets have stated that they hope to promote a Bitcoin reserve bill nationwide within the first 100 days of the new government's term. Additionally, the Pennsylvania House of Representatives has passed a bill that protects residents' rights to self-custody of digital assets and ensures they can use Bitcoin as a payment method.

An advocacy organization called Satoshi Action Fund has played an important role in these legislative processes. The main goal of the organization is to help Bitcoin become mainstream at the state level, and so far, it has successfully helped draft and pass Bitcoin-related legislation in 21 states. The organization's founder stated that negotiations are currently ongoing with another 10 states to implement similar legislation.

If Pennsylvania's Strategic Reserve Bill is passed into law, the state will become the first to directly hold Bitcoin on its balance sheet, marking the first step in the greater role of digital assets in state government economic strategies.

Recently, the price of Bitcoin soared by 20% within a week, reaching a historic high of over $93,000 per coin, with a market capitalization exceeding $1.8 trillion. This makes Bitcoin the seventh largest asset globally, after gold and several American tech giants.

This price surge has sparked speculation that other countries may also be considering purchasing this scarce asset, in case the US government officially buys Crypto Assets for the Treasury. As states and nations continue to show increasing interest in Crypto Assets, the development of this field will be worth ongoing attention.