North Carolina Introduces Bill to Create Strategic Bitcoin Reserve
North Carolina ventured into the realm of cryptocurrency today with House Bill 92, which proposes to allocate up to 10% of its funds into Bitcoin and other digital assets. This move isn't merely about jumping on a trend; it's a calculated step towards integrating digital currencies into the state's investment strategy.
The legislation, spearheaded by Rep. Destin Hall, the Speaker of the North Carolina House of Representatives, is notable for its backing by one of the state's most influential political figures. This bill allows investment not just in Bitcoin but in any digital asset with a market cap over $750 billion through exchange-traded products. It also extends this investment freedom to state-managed funds, including those for teachers, state employees, insurance, and veterans' homes.
As promised, North Carolina’s Strategic Bitcoin Reserve legislation was introduced today.
— Dan Spuller (@DanSpuller) February 10, 2025
This is a big deal. Let me explain:
📜 HB 92 bill was personally introduced by House Speaker @DestinHall—one of NC’s most powerful leaders. Top of the food chain.
It will directly… pic.twitter.com/QtS6Kj8CKu
Legislative Leadership and Support
This initiative reflects a broader trend where states are beginning to see the potential in cryptocurrencies as part of their financial reserves. Some other states that have also introduced other similar bills recently have been Kentucky, Maryland, Massachusetts, Oklahoma, New Hampshire, and more. However, what sets North Carolina apart is the caliber of support behind the bill. Representatives Mark Brody and Steve Ross, known advocates for Bitcoin, have co-sponsored the bill, adding weight to its potential for success.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, has been instrumental in advising on this legislation. His involvement signals a serious intent to not just discuss but implement these changes. Spuller emphasized on social media today that this bill is far from being just symbolic. He highlighted the rapid progress and alignment of key stakeholders, suggesting that this is a plan well on its way to becoming reality rather than remaining just a topic for discussion.
The introduction of such a bill by a figure like Hall, combined with the strategic involvement of knowledgeable advocates like Spuller, Brody, and Ross, paints a picture of North Carolina not just participating but potentially leading in the integration of digital currencies into public finance. This legislative effort could serve as a model for other states contemplating similar moves, showcasing how strategic reserves in digital assets might look in practice.