Pennsylvania State Representative Mike Cabell announced Tuesday that he is introducing a bill to allow the state’s Treasury and pension funds to invest in bitcoin as a hedge against inflation. Cabell stated:

I am introducing legislation to provide Pennsylvania’s Treasurer and pension funds with additional tools to protect against the inflation that has eroded the purchasing power of our state and its retirees.

“This legislation would permit the Treasurer to invest up to 10 percent of the State General Fund, the Rainy Day Fund, and the State Investment Fund in Bitcoin, a digital asset increasingly recognized as a hedge against inflation,” he highlighted.

Cabell emphasized the momentum behind bitcoin adoption among global financial institutions and governments. He pointed out that “the world’s largest investment firms — such as Blackrock, Fidelity, and Franklin Templeton — now offer bitcoin options, and states like Wisconsin have also made strategic investments in digital assets.” According to Cabell, studies suggest that maintaining even a small portion of reserves in bitcoin can build a “well-diversified and resilient portfolio” capable of withstanding economic volatility. He highlighted that the U.S. and other sovereign governments have integrated bitcoin into their portfolios as protection against market fluctuations.

In his push for co-sponsors, Cabell underscored that Pennsylvania’s purchasing power has decreased by nearly 20 percent over the last four years due to inflation, creating a pressing need for innovative financial solutions. Cabell argued that bitcoin, which has experienced significant appreciation over time, could help the state’s funds remain stable amid economic changes and inflationary pressures. He believes this measure will support the state’s financial stability and help secure long-term economic security for Pennsylvania’s retirees and residents. Cabell’s proposal calls on state leaders to support this investment approach as part of a broader effort to strengthen the financial health of Pennsylvania.

Before his election as President, Donald Trump announced plans to establish a U.S. strategic bitcoin reserve if re-elected, emphasizing the importance of U.S. leadership in the cryptocurrency sector. He proposed creating a national bitcoin “stockpile” leveraging existing government holdings, aligning with his broader vision of positioning the U.S. as the “crypto capital of the planet.”

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