In Pennsylvania è stata proposta una legge che renderebbe legale per lo Stato adottare Bitcoin come riserva.
The proposal was put ahead by the Republican consultant Mike Cabell of the State House of Representatives, and its function could be to defend in opposition to inflation.
Pennsylvania: the invoice to use Bitcoin as a State reserve
In the official memo Cabell reveals that the invoice would enable the Pennsylvania State Treasurer to make investments up to 10% of the funds in Bitcoin.
For now, nonetheless, it is just a invoice, and because it has not but been authorized, it has not but come into impact. Furthermore, the law would enable Pennsylvania to spend money on Bitcoin, however it might not obligate it.
If authorized, the State General Fund, the Rainy Day Fund, and the State Investment Fund would have the chance to make investments 10% of their funds in Bitcoin.
Note that the Treasury of the State of Pennsylvania has greater than 9.7 billion {dollars} in its General Fund, and about 7 billion in its Rainy Day Fund, so in complete they may spend money on Bitcoin multiple and a half billion {dollars}.
The concept of Cabell
Cabell cited BlackRock and Fidelity as references, which have turned to BTC to defend their portfolios from financial volatility.
Note that at this second Pennsylvania is ruled by the Democrats, who even have the bulk in its Parliament. However, the Democratic majority could be very slim, and within the presidential elections on November 5, the Republicans gained.
Probably proper after the victory on November 5, Cabell determined to introduce a related law, now that the wind appears to have modified.
However, given that almost all in Pennsylvania continues to be democratic, his invoice will simply be obstructed and may not be authorized.
Cabell was impressed by the framework proposed by the Satoshi Action Fund, a Bitcoin advocacy group, whose consultant Aaron Kaufer co-sponsored the invoice. However, this can hardly assist in the course of the approval course of.
“`html
The precedent
“`
However, there’s a precedent that provides this invoice a bit extra of a probability.
This is the law authorized in October by the Pennsylvania House (the Strategic Bitcoin Reserve HB 2664) which establishes a regulatory framework for the safety of self-custody and cryptocurrency funds.
Furthermore, there’s additionally a precedent on the nationwide degree.
After Trump’s victory within the presidential elections on November 5, Republican Senator Cynthia Lummis proposed a nationwide law to set up a strategic reserve in Bitcoin for the United States of America.
The reality is that, on a nationwide degree, not solely have the Republicans gained the bulk in Parliament within the latest elections, however the authorities ranging from January 20, 2025, will likely be presided over by Trump, who had already expressed help for a related initiative in the course of the election marketing campaign.
So even when Cabell’s invoice proposal doesn’t get authorized in Pennsylvania, there’s at all times the chance that will probably be authorized in a while, additionally due to the rise within the political power of the republicans in contrast to the democrats.
Bitcoin as a reserve past the State of Pennsylvania: in El Salvador, the law is already a actuality
To inform the reality, there’s already a State that’s constructing reserves in Bitcoin.
It isn’t a US State, however a Central American one, El Salvador, the place Bitcoin is authorized tender.
El Salvador, in reality, for at the least a couple of years has initiated a BTC buy program that has led it over time to accumulate nearly 6,000 BTC. At the present market worth, this quantities to 520 million {dollars}, equal to 2% of its GDP.
The idea, adopted by each corporations and people, is to accumulate BTC over time with many purchases unfold through the years, so as to construct a financial reserve in Bitcoin to use when wanted.
It is one thing very related to what has at all times been executed with gold, however with some vital variations.
The first necessary distinction is that gold is a risk-off funding, subsequently glorious particularly throughout occasions of world monetary issue, whereas Bitcoin stays risk-on. This can assure greater returns for investments in BTC on one hand, however alternatively, it additionally considerably will increase the dangers, particularly in case of issues.
The second is that Bitcoin might be spent far more simply and rapidly, even instantly, whereas to spend gold it’s needed to truly convert it into fiat foreign money. In case of issues, if on one hand the worth of Bitcoin may lower, alternatively the BTC would at all times stay simply spendable.
