North Carolina Proposes 10% Bitcoin Allocation in State Reserves
North Carolina plans to explore including Bitcoin in its state reserves, becoming the 19th US state to do so. The proposed legislation, House Bill 92 (HB 92), was introduced by House Speaker Rep. Destin Hall, with support from Reps. Mark Brody and Steve Ross.
Key Points of House Bill 92
- Proposes allocation of up to 10% of state funds into exchange-traded products linked to digital assets with a market cap over $750 billion.
- Only Bitcoin currently meets this criterion, with a market cap around $1.93 trillion.
- State-managed funds like pensions and insurance funds would be used for Bitcoin investments.
- Rep. Hall aims for positive yields and technological leadership for North Carolina.
“Investing in digital assets like Bitcoin has the potential to generate positive yields for our state investment fund,” said Rep. Hall.
In related news, Utah's House of Representatives passed the "Strategic Bitcoin Reserve" bill (HB 230), allowing up to 5% of state reserves to be invested in Bitcoin and other cryptocurrencies, awaiting Senate vote and governor's signature.
Discussions on incorporating Bitcoin into national reserves are also ongoing, with proposals from various jurisdictions, including a potential initiative by the Czech Republic to allocate part of its national reserve to Bitcoin.