Another State in the US Has Drafted a Bill to Buy Bitcoin! Here are the Details

North Carolina lawmakers have signaled a growing movement among US states investigating crypto investments by introducing a bill that would give the State Treasurer the authority to invest in digital assets such as Bitcoin (BTC).

North Carolina Lawmakers Introduce Bill to Allow State Investments in Bitcoin

The HB92 bill, introduced by Speaker Destin Hall, is jointly supported by Representatives Stephen Ross, Mark Brody, and Mike Schietzelt.

North Carolina aims to diversify its investment portfolio by allowing the Treasury Office to allocate funds to specific digital assets, subject to meeting strict market criteria.

According to the proposal, only 'exchange-traded products' with an average market value of at least 750 billion dollars over the previous 12 months will be eligible for investment. Currently, Bitcoin is the only cryptocurrency that meets this requirement.

In addition, the proposed law provides a controlled approach to cryptocurrency 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 the state.

In his statement, Hall said, 'Investing in digital assets like Bitcoin not only has the potential to provide positive returns for our state investment fund, but also positions North Carolina as a leader in technology adoption and innovation'.

He also said that the proposal aims to lead at the state level in North Carolina by emphasizing the compatibility of the design with the vision of 'national Bitcoin stock' of US President Donald Trump.

North Carolina is joining over a dozen other U.S. states in exploring Bitcoin reserves for state treasuries. Lawmakers in Texas, Pennsylvania, Ohio, and Oklahoma have also reflected the growing institutional interest in Bitcoin by introducing similar bills to hold Bitcoin as reserve assets.

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