Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House of Representatives is introducing legislation that would effectively allow the state to hold Bitcoin on its balance sheet as a strategic reserve asset.
🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
Full write-up on @FoxBusiness coming shortly.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
The overton window has finally shifted this past week and now everyone is seemingly scrambling to adopt BTC as a reserve asset. From the looks of it, it feels like a snowball rolling down a hill, gaining more momentum and growing bigger as it travels.Â
Here’s how this could play out:
- First, normal everyday people used bitcoin as a long-term savings vehicle
- MicroStrategy became first publicly traded company to adopt it
- El Salvador became first country to adopt it
- Corporations launched spot ETFs
- The US president elect is pledging to create a national BTC reserve
- US states are introducing legislation to adopt a BTC reserve
- Foreign nations are rumored to be buying bitcoin to front run the US
This list is only going to continue to grow. I suspect more states in the US, specifically the more conservative states, will follow Pennsylvania’s lead in the future in introducing the same or similar legislation. The benefits of adopting bitcoin have become impossible to ignore.
Remember, 94.20% of the total 21 million bitcoin supply has already been issued.
- It is estimated that around 3-5 million of those coins has been lost forever
- US spot Bitcoin ETF hold 1.07 million BTC
- MicroStrategy holds 279,420 BTC
- The US holds 208,109 BTC
- Various other countries are in possession of large amounts of BTC
- Tons of public and private companies are large amounts of BTC
- ? amounts of BTC owned by everyday people around the world
Many years ago I came to the conclusion that this level of bitcoin adoption was inevitable, but with all this momentum from large public institutions, I think we’re going to hit $100,000 bitcoin much sooner than I expected.
The supply of available bitcoin is shrinking each and every day, and coupled with rising demand, the price is up 130% in the last year. This is a runaway train, folks.
States, nations, and corporations are not going to stop accumulating BTC once they start buying either, so I am eagerly continuing accumulating as much bitcoin as I can before we hit that magic $100k number.
I think the floodgates will really open from there.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.