North Carolina lawmakers have introduced a bill directing up to $950 million of public funds into Bitcoin, positioning the state as a leader in cryptocurrency adoption.
Proposed Investment and Fund Allocation
According to a post on X by Bitcoin Laws, the bill authorizes the State Treasurer’s Office to allocate public funds, potentially reaching $950 million, into Bitcoin. As of March 14, 2025, North Carolina’s general fund was at $9.5 billion, according to the State Controller. The bill sets a 10% cap based on this figure, which could vary with future fund estimates. If the bill passes, Bitcoin would be stored in cold wallets with multi-signature authentication. The state’s treasurer would manage the funds, ensuring compliance with regulations.
Safeguards and Restrictions
The proposed legislation introduces several safeguards. Bitcoin holdings will be securely stored, and the treasurer may engage in regulated activities like staking and lending. A Bitcoin Economic Advisory Board will guide the state's strategy, with quarterly reports on the reserve’s performance. The bill also sets strict usage conditions requiring approval from both chambers of the General Assembly for any liquidation of Bitcoin holdings. Uses could include funding infrastructure, supporting research, and backing public projects.
Impact on State Economic Strategy
The bill is part of a broader effort by North Carolina lawmakers to incorporate cryptocurrency into the state's financial strategy. It follows the introduction of the 'NC Digital Assets Investments Act' (HB92), which also allows for investments in digital assets. Both bills reflect the state’s growing interest in using digital currencies for economic innovation.
North Carolina is making a significant move toward cryptocurrency adoption with a new bill targeting up to $950 million in Bitcoin investments, emphasizing its commitment to economic innovation.
