Nineteen U.S. states are weighing bills to put public funds into digital assets, some of which are similar to the federal quest to establish a Bitcoin strategic reserve. North Carolina is one of those states, where none of the legislation has yet passed the state Legislature, although Utah has already done so.
North Carolina introduced a bill on Monday backed by the state's House Speaker Destin Hall. The high-profile North Carolina-driven bill considers putting up to 10% of general and highway funds into digital assets, but only for cryptocurrencies with such high market caps, with only Bitcoin (BTC) currently eligible. The state joins 18 other states with bills weighing various ways to put public funds into cryptocurrencies, with many of the bills focusing on investing some of their state’s retirement funds.
"Investing in digital assets like Bitcoin not only has the potential to generate positive returns for our state investment funds, but also positions North Carolina as a leader in technology adoption & innovation," Hall said in a statement.
Two other states – Wisconsin and Michigan – have included cryptocurrencies in public employees’ retirement portfolios. At least two more states are seriously discussing joining the others, bringing the total to 23 states that are closely looking at the idea of pinning part of their financial future on digital assets.
The trend began when President Donald Trump publicly embraced similar ideas at the federal level. He issued an executive order early in his term encouraging his administration to explore the idea of storing crypto assets. There is legislation in Congress as well, but it has not yet progressed.
Among the states, Utah is currently leading the legislative effort, having passed the state House and made its way to the Senate.