The latest state effort to set up the investment of public money into cryptocurrency is gaining traction with a new bill introduced on Monday in North Carolina, backed by the state’s Speaker of the House, Destin Hall. This significant initiative marks North Carolina’s foray into the increasingly popular realm of digital assets.
The high-profile North Carolina push contemplates allocating as much as 10% of its general and highway funds into digital assets, specifically limiting investments to cryptocurrencies with substantial market capitalizations—currently, only Bitcoin (BTC) qualifies under this criterion. This bill aligns North Carolina with 18 other states actively pursuing various methods of investing public funds in cryptocurrency, many of which focus on incorporating portions of state retirement funds.
Speaker Destin Hall articulated the potential benefits, stating, “Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption & innovation.” This perspective reveals an adventurous approach toward embracing new financial landscapes and the opportunities they present.
Currently, two other states—Wisconsin and Michigan—have already integrated cryptocurrency into their retirement portfolios for public employees. Additionally, at least two more states are seriously considering similar strategies, bringing the total to 23 states that are now carefully examining the implications of staking portions of their financial futures on the digital asset sector.
The bulk of this trend took off following President Donald Trump’s endorsement of a similar strategy at the federal level during his initial days in office. His administration issued an executive order encouraging exploration of stockpiling crypto assets, signaling a growing interest at both state and federal levels. While there is corresponding legislation in Congress, it has yet to progress significantly.
Among the states currently advancing this initiative, Utah stands out as the frontrunner. Having successfully cleared its state house, the proposal is now under consideration in the senate.
For more detailed insights on this emerging landscape, read: As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray.
