The House of Representatives of Pennsylvania, the fifth-most populous state in the United States, has made a strategic move to foster crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.
With boiling optimism about Republican Donald Trump’s pro-crypto federation, many states are examining ways to implement their crypto adoption plan and may follow Pennsylvania’s precedent.
Pennsylvania Goes Pro-Crypto
According to Fox Business, the House passed the legislation on Thursday, taking bold steps to adopt Bitcoin as a store of value, imitating pro-crypto countries like El Salvador and the Republic of Bhutan.
Republican Pennsylvania state Rep. Mike Cabell, who pushed the bill, expressed optimism about the move. He said:
“The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our state’s financial future. By integrating Bitcoin into our reserves, we’re not only protecting Pennsylvania from inflation’s relentless impact but also positioning our state as a leader in financial resilience and innovation.”
Notably, pro-crypto senators are gearing up to introduce a Bitcoin reserve bill within the first 100 days of Trump’s tenure as U.S. president. The bill aims to establish a strategic Bitcoin reserve, potentially boosting America’s standing as a crypto hub.
Agreeably, the move aligns with one of Trump’s promises to the crypto community during his presidential campaign, to make America the world’s capital of Bitcoin and crypto when he wins.
Trump Sparks U.S. Bitcoin Adoption
Remarkably, Pennsylvania’s bitcoin adoption bills came eight days after Trump was announced the winner of the 2024 U.S. presidential election, highlighting the effects of his victory on pro-crypto legislators who have been in their shells.
Following Trump’s victory, crypto investors and firms in America are positively booming as they look forward to a friendly environment after his inauguration. He has promised to stop the U.S. crypto hostility within an hour of his presidency, stop America’s bitcoin selling, and establish a strategic federal bitcoin reserve.
Meanwhile, Pennsylvania passed a Bitcoin Rights bill last month to allow citizens to own and use Bitcoin as a payment method. The bill sailed through the Democrat-led House, excelling with 176 votes to 26, bolstering the confidence that the Bitcoin Reserve Act will be accepted and added to the law by next year.
