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Title: North Carolina Pushes for Crypto Exposure in Public Pension Funds with New Legislation
North Carolina has taken a significant step towards embracing the cryptocurrency market by proposing legislation to allow public pension funds to invest in digital assets. This move is seen as a bold step towards diversifying investments and potentially increasing returns.
The proposed bill, HB 506, would enable the state’s retirement systems to hold and manage digital assets such as Bitcoin (BTC) and other cryptocurrencies. While it does not mandate the creation of a dedicated crypto reserve, it paves the way for the state’s pension funds to explore alternative investment opportunities.
This development comes as institutional investors are increasingly eyeing the digital asset market. As seen on the 1-day chart, the global cryptocurrency market cap value has been trending upwards, indicating growing interest and potential long-term gains.
North Carolina’s proposed legislation is part of a broader trend towards crypto adoption in the US. In recent years, there have been efforts to include cryptocurrencies in public pension funds, with some states like Texas already taking steps in this direction.
The North Carolina Investment Authority would be responsible for overseeing digital asset investments and ensuring compliance with existing regulations. This move could potentially create a template for other states looking to modernize their investment strategies and explore the potential benefits of the crypto market.
The proposed bill is still subject to debate and potential revisions before becoming law. However, its introduction highlights the growing recognition of cryptocurrencies as a viable investment opportunity.
This article was originally published on Bitcoinist.com
Source: https://bitcoinist.com/north-carolina-pushe-crypto-exposure-public-pension/
