Follow Nikolaus On X Here
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.
Here’s how this could play out:
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.
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.
