North Carolina Considers Investing Public Funds In Cryptocurrency

According to CoinDesk, North Carolina has introduced a bill to invest public funds in cryptocurrency, backed by the state's Speaker of the House, Destin Hall. The proposal suggests allocating up to 10% of the state's general and highway funds into digital assets, specifically targeting cryptocurrencies with high market capitalization, a category currently exclusive to Bitcoin (BTC). This initiative aligns North Carolina with 18 other states considering similar investments, many of which focus on incorporating digital assets into state retirement funds. Speaker Destin Hall emphasized the potential benefits of such investments, stating that digital assets like Bitcoin could yield positive returns for the state's investment fund while positioning North Carolina as a leader in technological innovation. This move reflects a broader trend, as Wisconsin and Michigan have already integrated cryptocurrency into their public employee retirement portfolios. Additionally, at least two more states are actively discussing similar strategies, bringing the total to 23 states closely examining the potential of digital assets in their financial planning. This growing interest in cryptocurrency investments among states gained momentum when U.S. President Donald Trump endorsed a comparable approach at the federal level. Early in his presidency, he issued an executive order encouraging his administration to explore the accumulation of crypto assets. Although related legislation is under consideration in Congress, it has yet to advance. Among the states, Utah is leading the charge, having successfully passed its proposal through the state house and moving it to the senate for further deliberation.