Bitcoin moves into new territory. Pennsylvania wants to add state BTC reserves to its treasury. Industry experts now say prices could hit $500,000. Let’s look at what this US state bill means and why these predictions matter.
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How US State’s Bitcoin Reserve Bill and $500K Prediction Shape the Market
Pennsylvania’s Bold Move Towards The Digital Gold’s Integration
“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,” Pennsylvania State Representative Mike Cabell announced.
“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.”
Building State-Level BTC Reserves
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. BlackRock, Fidelity, and Franklin Templeton support Bitcoin investments, which shows growing trust from major financial firms.
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Novogratz’s $500K BTC Vision
Speaking on Bloomberg Television, Galaxy Digital CEO Michael Novogratz declared:
“If we get the Bitcoin reserve, as a guy who owns a lot of BTC, I won’t cry … I think BTC heads to $500,000. It is a different paradigm because it forces every other country in.”
National US State Bill Impact
“I think that it would be very smart for the United States to take the Bitcoin they have and maybe add some to it and say we want to show the world that we are going to be a technology-first country, a crypto, digital asset-first country … I don’t necessarily think that the dollar needs anything to back it up,” the Galaxy Digital executive emphasized.
Also Read: Goldman Sachs Discloses $710 Million Bitcoin ETF Holdings
Future of US King Coin Reserves
Senator Lummis wants a national Bitcoin Act. The plan would buy one million BTC in five years, which is about 5% of all BTC that ever existed.
The $500K prediction matches what big institutions think about crypto’s future.