30s Summary

Pennsylvania State Representative, Mike Cabell, has proposed a law allowing the state to store up to 10% of its funds in Bitcoin, aiming to protect the economy from inflation. This law would apply to Pennsylvania’s State General Fund, Rainy Day Fund and State Investment Fund. Cabell’s idea reportedly finds inspiration from Satoshi Action Fund, a group advocating for Bitcoin use. Pennsylvania’s Treasury currently holds over $9.7 billion in its General Fund and around $7 billion in its Rainy Day Fund.

Full Article

Hey, here’s some news for you! Mike Cabell, a State Representative from Pennsylvania, has put forward a new law that would let the state keep as much as 10% of its money in Bitcoin.

In a notice he posted on November 12, Cabell, who’s a Republican, said he’s proposing this rule to keep the state’s economy safe from inflation. He believes that if they store part of their money in Bitcoin, it could help keep things stable even if the economy gets shaky. This proposed law, if it gets approved, would let Pennsylvania’s Treasurer put up to 10% of the State General Fund, the Rainy Day Fund, and the State Investment Fund into Bitcoin.

Cabell did mention that major investment companies like BlackRock and Fidelity are actually turning to Bitcoin to keep their investments safe from changes in the economy. He brought up this new rule in the Pennsylvania House on November 13.

Seems like Cabell’s idea for a “Strategic Bitcoin Reserve” was inspired by the plans of Satoshi Action Fund, which is a group that promotes the use of Bitcoin. But we don’t know right now if this law will get enough support to be passed.

As of now, Pennsylvania’s Treasury reports that it has more than $9.7 billion in its General Fund and around $7 billion in its Rainy Day Fund.

We’re still keeping an eye on this, so we’ll let you know as more information comes out.