Pennsylvania Lawmaker Introduces Bill to Invest in Bitcoin and Cryptocurrency ETF to 'Hedge Against Inflation'

BlockBeats News, November 15th, according to The Block, a Pennsylvania legislator is pushing a new bill that would allow the state's financial officer to invest in Bitcoin, following a similar proposal made by U.S. Senator Cynthia Lummis.

The bill, named the "Strategic Bitcoin Reserve Act," was co-sponsored by Republican Representatives Mike Cabell and Aaron Kaufer and has been introduced in the Pennsylvania House of Representatives. This bill would permit the Pennsylvania state financial officer to invest in Bitcoin, digital assets, and cryptocurrency-based exchange-traded products.

In a memo submitted this week, Cabell stated that investing in Bitcoin could "hedge against inflation."