North Carolina has taken a significant step toward incorporating Bitcoin into its financial strategy with the introduction of HB 92, a Strategic Bitcoin Reserve bill.
Key Provisions of HB 92
One of North Carolina’s influential legislative leaders, House Speaker Destin Hall, has proposed a bill allowing up to 10% of state funds to be invested in Bitcoin-related exchange-traded products. Only digital assets with a market capitalization of at least $750 billion are eligible. If enacted, this legislation would permit Bitcoin investments for various state-managed funds, including public employee pensions, veterans’ home trust funds, and insurance reserves.
Bipartisan Support and Industry Involvement
HB 92 is co-sponsored by Representatives Mark Brody and Steve Ross, both long-time proponents of Bitcoin adoption. The bill reflects a growing bipartisan interest in digital assets as part of state financial strategies. Dan Spuller, Head of Industry Affairs at the Blockchain Association, played an advisory role in shaping the bill and emphasizes this is more than just a symbolic move. He believes North Carolina’s initiative stands a greater chance of success due to Speaker Hall’s leadership.
A Growing National Trend
North Carolina joins other states in advancing Bitcoin reserve legislation. Kentucky recently proposed a similar bill to allocate 10% of its reserves into Bitcoin and other digital assets. Likewise, Florida Senator Joe Gruters introduced a bill to authorize the state’s Chief Financial Officer to invest public funds in Bitcoin. On a national level, the concept of a U.S. Bitcoin reserve is gaining traction, particularly in light of former President Trump’s support for digital assets.
HB 92 will now progress through the legislative process, where lawmakers will review and debate its provisions. If passed, North Carolina would be among the first states to allocate public funds to Bitcoin investments. As the North Carolina Blockchain Initiative concludes its tenure as a government task force, industry leaders continue to advocate for digital asset policies at the state and federal levels.
