North Carolina, that old dog of the South, has decided to roll the dice on Bitcoin. Yep, the state’s got its eyes set on stuffing 10% of its reserves into the digital gold rush. 🤑 It’s the 19th state to jump on this wild ride, and folks, it’s shaping up to be a doozy.
House Bill 92 (HB 92), cooked up by House Speaker Rep. Destin Hall and his merry band of Bitcoin believers—Reps. Mark Brody and Steve Ross—is the talk of the town. These fellas are betting big on the future, and they’re not shy about it.
Under HB 92, North Carolina’s gonna throw a chunk of its cash into Bitcoin-linked exchange-traded products. And not just any products—only the ones tied to digital assets with a market cap north of $750 billion. Right now, Bitcoin’s the only kid on the block fitting that bill, strutting around with a market cap of $1.93 trillion. Not too shabby, huh?
But wait, there’s more! The bill’s also eyeing state-managed funds—teacher pensions, insurance funds, veterans’ home trust funds—to get in on the action. Rep. Hall’s convinced this move will be a game-changer for the state’s economy. “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,” he said, sounding like a man who’s just discovered fire. 🔥
“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,” he said.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, took to X (formerly Twitter) to hype up the news. He called North Carolina’s initiative “deadly serious,” unlike other states’ proposals that’ve been gathering dust. “This is a big deal,” he tweeted, sounding like a carnival barker. 🎪
As promised, North Carolina’s Strategic Bitcoin Reserve legislation was introduced today.
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…
— Dan Spuller (@DanSpuller) February 10, 2025
Meanwhile, Utah’s been making moves of its own. Last week, the Utah House of Representatives passed the “Strategic Bitcoin Reserve” bill (HB 230), introduced by State Representative Jordan Teuscher. The bill’s got majority support and is now waiting on a Senate vote and the governor’s signature. If it passes, Utah’ll be the first state to invest public funds in Bitcoin, dedicating up to 5% of its reserves to the crypto craze.
And it’s not just the states getting in on the action. Former US President Donald Trump, during his campaign, floated the idea of adding Bitcoin to national reserves. After his inauguration, he even issued an executive order encouraging his administration to explore the idea. Across the pond, the Czech Republic’s also considering a Bitcoin reserve. If they pull it off, their central bank’ll be the first in the world to integrate Bitcoin into its portfolio. 🌍
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2025-02-11 03:08