Key Insights
- North Carolina’s House Speaker Destin Hall introduced a bill allowing the State Treasurer to invest in bitcoin, aligning with similar efforts in other states.
- The bill restricts crypto investments to 10% of the state fund and applies only to assets with a $750 billion market cap, currently only bitcoin.
RALEIGH, N.C. (MarketsXplora) – North Carolina Speaker of the House Destin Hall has introduced a bill that would permit the State Treasurer to invest in digital assets, making the state one of more than a dozen in the U.S. pursuing similar legislation.
The bill, HB92, aims to diversify North Carolina’s investment portfolio by allowing state funds to be allocated to crypto assets, specifically those classified as “exchange-traded products” with a minimum average market capitalization of $750 billion over the previous 12 months. At present, only bitcoin meets this criterion.
Hall’s proposal, co-sponsored by Representatives Stephen Ross, Mark Brody, and Mike Schietzelt, also imposes a limit on cryptocurrency investments, restricting them to no more than 10% of the balance of the state’s fund.
“Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation,” Hall said in a statement on Monday.
In a separate post on social media platform X, Hall asserted that the “North Carolina Digital Assets Investments Act” aligns with President Donald Trump’s broader vision of establishing a “national bitcoin stockpile” and ensures the state remains at the forefront of digital asset adoption.
The move follows a growing trend among U.S. states exploring cryptocurrency investments. Utah, Texas, Pennsylvania, Ohio, and Oklahoma are among those where lawmakers have recently pushed for building bitcoin reserves. Interest in digital asset investments has gained momentum, particularly since pro-crypto Trump took office in January.