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North Carolina Proposes Bitcoin Investments—Now the 21st State to Consider BTC
In a move that highlights its commitment to embracing technological innovation and financial diversification, North Carolina has introduced a bill that would enable the state treasurer to invest more than $10 billion in Bitcoin-based funds. The proposal, House Bill 92, also covers investments from the General Fund, Highway Fund, and 24 special funds under state supervision.
The legislation requires qualifying digital assets to maintain a market capitalization of at least $750 billion over the previous twelve months. Currently, only Bitcoin meets this requirement, as its closest competitor, Ethereum, has a market cap of approximately $323 million.
To manage these investments, the bill outlines strict guidelines for third-party investment managers handling digital assets. These managers must have at least $100 million in assets under management and provide annual audited financial statements to the State Treasurer.
This proposal marks a significant shift in North Carolina’s financial strategy, as it would be the 21st state to consider Bitcoin investments. Other states that have proposed or implemented similar measures include Florida, Montana, and Wyoming.
The introduction of House Bill 92 reflects North Carolina’s commitment to embracing innovation and diversifying its investment portfolio. Speaker Destin Hall emphasized this stance, stating, “Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation.”
Representative Stephen Ross added, “Incorporating digital assets into our state’s investment strategy is a forward-thinking move. Digital assets provide a new avenue to enhance the diversity and potential returns of our portfolio, ensuring financial health and security for North Carolina.”
The increasing interest in Bitcoin investments among states highlights their desire to diversify their portfolios and potentially generate higher returns.
Source: crypto-economy.com
