The North Carolina House of Representatives has passed House Bill 92, also known as the Strategic Bitcoin Reserve Bill, signaling a bold step toward crypto adoption. Approved on April 30, the bill allows the state to create a digital asset reserve focused mainly on Bitcoin and similar tokens.
As introduced by House Speaker Destin Hall, the bill aims at establishing a digital asset reserve to be invested in the state’s portfolio. It does not directly allow the purchase of cryptocurrencies, but it allows investment in funds associated with cryptocurrencies such as Bitcoin mutual funds.
One of the main backers, Keith Kidwell, stated that it is necessary to invest wisely—just like any financial consultant would do. The passed bill also permits state employees to invest a portion of their pension funds in cryptocurrencies.
Some of the supporters of the decision say that it would assist in curbing inflation and increase long-term returns. This proposal comes at a time when the state’s pension system is $16 billion in the red, so this bill is one to keep an eye on.
Nevertheless, before it becomes law, the bill is still up for consideration by the North Carolina Senate. If implemented, it can be a major step for other states that consider Bitcoin as an option for investment.
This move by North Carolina could be the beginning of a new era in which governments accept Bitcoins as they are now doing with other forms of cash.
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