North Carolina lawmakers have introduced Bill HB92, which would allow the state treasurer to invest in digital assets like Bitcoin.
Objectives and Provisions of the Bill
The bill, HB92, was introduced by House Speaker Destin Hall and co-sponsored by Representatives Stephen Ross, Mark Brody, and Mike Schietzelt. It aims to diversify North Carolina’s investment portfolio by allowing funds to be allocated to certain digital assets, provided they meet strict market criteria. Only “exchange-traded products” with an average market value of at least $750 billion over the previous 12 months would be eligible for investment. Currently, Bitcoin is the only cryptocurrency that meets this requirement.
Approach to Cryptocurrency Investment
The proposed legislation provides a controlled approach to crypto exposure by limiting digital asset investments to 10% of the state's investment fund balance. Hall emphasized that investing in Bitcoin could be a strategic financial decision for North Carolina. "Investing in digital assets like Bitcoin not only has the potential to generate positive returns for our state investment fund, it also positions North Carolina as a leader in technology adoption and innovation," Hall said.
Trend Among U.S. States
North Carolina joins more than a dozen other U.S. states exploring bitcoin reserves for their state treasuries. Lawmakers in Texas, Pennsylvania, Ohio, and Oklahoma have also introduced similar bills, reflecting growing institutional interest in bitcoin as a reserve asset.
This bill highlights the growing interest in cryptocurrencies among U.S. states and could position North Carolina as a leader in this movement.
