Texas is the second US state to consider incorporating Bitcoin into its financial strategy. In November this year, legislation to form the Pennsylvania Bitcoin Strategic Reserve<\/a> was introduced, with plans to allocate up to 10% of its treasury reserves to Bitcoin.<\/p>\n This came after the Pennsylvania House of Representatives passed what is informally called the Bitcoin Rights Bill in October, giving Pennsylvania residents the option of Bitcoin as a potential payment method while safeguarding their rights to manage their own cryptocurrency.<\/p>\n \u201cBy enacting this legislation, we can make the Commonwealth a friendly place for blockchain innovation and provide our citizens with the tools to engage in the digital economy safely,<\/em>\u201d according to Rep. Mike Cabell, who sponsored House Bill 2481 \u2013 or the Digital Assets Authorization Act \u2013 as it is formally known.<\/p>\n The moves to establish strategic Bitcoin reserves by both Texas and Pennsylvania are positive news for the cryptocurrency economy, albeit at state-level, not yet federal. However, Dennis Porter \u2013 CEO of NPO Satoshi Action Fund<\/a>, who worked with Capriglione on the draft legislation \u2013 is optimistic.<\/p>\n \u201cThe state level, in our opinion, is the best place to create political momentum for bitcoin,<\/em>\u201d he said in an interview on CNBC New York<\/a>. \u201cThe very best thing that we can be doing is passing this legislation at the state level, providing political momentum for federal legislation.<\/em>\u201d<\/p>\n Bitcoin, which has been experiencing a post-US election boom \u2013 reaching the $100k milestone \u2013 continued to rally following yesterday\u2019s announcement of Texas\u2019 Strategic Bitcoin Reserve, although at the time of writing, it had dipped slightly.<\/p>\n \u201cOver its short history, Bitcoin has seen both major surges and sell-offs,<\/em>\u201d asset manager BlackRock noted in a report released earlier this week. BlackRock\u2019s iShares Bitcoin Trust ETF currently manages some $53.8bn in assets.<\/p>\n The Black Rock report adds that this volatility, \u201cplus Bitcoin\u2019s unique characteristics, raises the question of what role it should play in portfolios.<\/em>\u201d The financial giant advises that investors place a maximum of 2% of Bitcoin in their portfolio.<\/p>\n Bitcoin\u2019s rally is great news for other tokens \u2013 because when Bitcoin goes up, they tend to go up, too. And that includes the best meme coins.<\/p>\nWhat Does This Mean for the Crypto Economy?<\/h2>\n
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<\/p>\nIt\u2019s Not Only Bitcoin That\u2019s In The Pound Seat<\/h2>\n
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