Pennsylvania Senator Introduces ”Strategic Bitcoin Stockpiling” Bill to ”Have Anti-Inflation Effects”

A Pennsylvania state lawmaker has introduced a bill to allow the state Treasury to hold up to 10% of its balance sheet in Bitcoin.
Republican Representative Mike Cavell said in a memo on the 12th that Bitcoin can be used as a tool to hedge against inflation.
"Bitcoin can provide stability in uncertain economic times," he said.
If the bill is passed, the Pennsylvania Treasurer will be able to allocate the state's general fund, emergency fund, and
The state Treasury Department has more than $9.7 billion in its general fund and about $7 billion in its emergency fund as of November.
"Investment firms like BlackRock and Fidelity are investing in BTC to protect their portfolios from economic volatility," Cavell said.
"I'm looking at Bitcoin," he said. He introduced the bill in the Pennsylvania House of Representatives on the 13th of last month. The Strategic Bitcoin Reserve Act introduced by the Pennsylvania representative
The bill appears to be modeled on a framework proposed by the advocacy group Satoshi Action Fund, Cointelegraph reported. Rep. Aaron Cowper co-sponsored the bill.
It is unclear whether the bill received enough votes to pass. In addition to the Strategic Bitcoin Stockpiling Act, introduced as HB 2664, the Pennsylvania House of Representatives passed a bill in October calling for the creation of a self-reliant Bitcoin reserve.
Passed a bill establishing a regulatory framework for safeguarding and securing cryptocurrency payments.