North Carolina Joins the Race to Approve New Bitcoin Reserve Fund

North Carolina lawmakers have introduced House Bill 92, which would allow the state treasurer to invest in Bitcoin and other digital assets to create a reserve fund.

Key Takeaways: – North Carolina lawmakers introduced House Bill 92 to allow the state treasurer to invest up to 10% of state funds in Bitcoin through regulated ETPs. – North Carolina joins Montana, Florida, and other states in favour of Bitcoin reserve legislation.

The bill, sponsored by House Speaker Destin Hall and Representatives Mark Brody and Steve Ross, sets criteria for qualifying digital assets, requiring a market capitalization of at least $750 billion over the preceding 12 months. Currently, Bitcoin is the only cryptocurrency that meets this threshold.

The legislation permits the North Carolina treasurer to allocate up to 10% of state funds into digital assets through regulated exchange-traded products (ETPs). The investments would be drawn from the General Fund, Highway Fund, and 24 special state funds.

The bill also mandates oversight from the Governor and Council of State, ensuring compliance with investment regulations. Third-party managers handling these assets must have at least $100 million in assets under management.

Dan Spuller, head of industrial affairs at the Blockchain Association and co-chair of the North Carolina Blockchain Initiative, described the bill as a significant move.

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… pic.twitter.com/QtS6Kj8CKu

— Dan Spuller (@DanSpuller) February 10, 2025

Hall, in a post on X, framed the initiative as aligning with former President Donald Trump’s vision for a national Bitcoin reserve, positioning North Carolina at the forefront of digital asset adoption.

@ncspeakerhall leads from the front! Creating a Strategic Bitcoin Reserve is a good first step to keeping North Carolina at the forefront of innovative technology. #ncpol #CoSponsor https://t.co/48Dbqc0YH5

— Rep. Jarrod Lowery (@The_Real_JML) February 10, 2025

North Carolina joins a growing list of states pushing for Bitcoin reserves. Montana and Florida have recently introduced similar bills, with Montana’s House Bill 429 proposing investments in precious metals, stablecoins, and digital assets, while Florida’s legislation seeks to allocate 10% of public funds to Bitcoin. Other states, including Maryland, Iowa, and Kentucky, have also proposed bills integrating Bitcoin as a strategic reserve asset.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.