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North Carolina Moves to Allocate State Funds to Bitcoin
Generated by AI AgentCoin World
Monday, Feb 10, 2025 3:27 pm ET1min read
North Carolina has taken a significant step towards integrating Bitcoin into its state financial strategies. House Speaker Destin Hall has introduced HB 92, a bill that proposes allowing the state to allocate funds into Bitcoin-related investments. This move follows similar efforts by multiple states like Kentucky and Florida, which have also proposed legislation to invest public funds in digital assets.
House Speaker Destin Hall, one of North Carolina’s most influential lawmakers, personally introduced HB 92. The bill aims to establish a Strategic Bitcoin Reserve by allocating up to 10% of the state’s funds into Bitcoin-related exchange-traded products. The proposal also includes provisions for state-managed funds, such as pensions for teachers and state employees, veterans’ home trust funds, and insurance funds.
The legislation is co-sponsored by Representatives Mark Brody and Steve Ross, both known for their previous work in shaping cryptocurrency regulations. Dan Spuller, Head of Industry Affairs at the Blockchain Association, confirmed that he advised officials on the bill. He emphasized that this proposal is “not just a messaging bill” but part of an active effort to integrate Bitcoin into North Carolina’s financial framework.
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