North Carolina steps into the cryptocurrency arena with a proposal to include Bitcoin in its public investment strategy. The new Bill SB327 allows up to 10% of public funds to be invested in Bitcoin.
SB327 and Its Features
Senate Bill 327, known as the 'Bitcoin Reserve Bill,' proposes allowing the State Treasurer to allocate up to 10% of public funds in Bitcoin. With a general fund of $9.5 billion, this could mean an investment of up to $950 million.
Two Bills Under Review
Currently, two Bitcoin reserve bills are under review in North Carolina—one in the House and another in the Senate. Both bills have similar intentions, highlighting the interest in this initiative.
Prospects and Impact on Other States
If the bills are passed, North Carolina would join a small number of states exploring Bitcoin reserves. This move could encourage other states to consider legislative support for digital assets, thus accelerating institutional Bitcoin adoption.
North Carolina's initiative to include Bitcoin in public fund reserves could mark the beginning of a new era in public finance management. It may also inspire other states to craft similar policies, paving the way for broader cryptocurrency adoption.
