North Carolina’s Bold Move: Is Bitcoin the New State Currency? 💸

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Well, well, well, look who’s decided to join the digital gold rush! North Carolina has just rolled out the red carpet for Bitcoin with a shiny new bill that lets them invest public funds in digital assets. Because, you know, why not throw taxpayer money into the wild world of cryptocurrency? 🎉

Meet House Bill 92, or as I like to call it, the “Digital Assets Investments Act” – because who doesn’t love a good buzzword? This little gem was introduced on a Monday (classic) by Representative Destin Hall and his trusty sidekicks, Representatives Mark Brody and Steve Ross. I mean, what better way to start the week than with a potential financial rollercoaster? 🎢

North Carolina Goes All In on Bitcoin

This bill gives the State Treasurer the green light to throw some state funds into the digital asset pool, but don’t worry, they’ll be following some “strict” security and management guidelines. Because nothing says “safe investment” like a cryptocurrency, right? 🙄

“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 & innovation,” Hall said, probably while crossing his fingers behind his back. 🤞

So, what exactly are these “digital assets”? Well, they’re basically anything that sounds fancy: virtual currencies, cryptocurrencies, stablecoins, NFTs, and probably your grandma’s old Beanie Babies if you ask the right person. 🧸

“The average market capitalization of the digital assets over the preceding 12 months is at least seven hundred fifty billion dollars ($750,000,000,000), as determined by the State Treasurer using a commercially reasonable method,” the bill specifies. Because who doesn’t love a good number? 📈

And guess what? Bitcoin is the only cryptocurrency that meets this lofty $750 billion market cap requirement. With a market cap of $1.95 trillion, it’s basically the overachiever of the crypto world. Meanwhile, Ethereum is sitting in the corner with a measly $327.57 billion, feeling a bit left out. 😢

But wait, there’s more! The bill also allows the State Treasurer to invest in digital asset exchange-traded products (ETPs). These must be listed on reputable exchanges like the NYSE or NASDAQ. Because if you’re going to gamble, you might as well do it on a fancy stage, right? 🎭

Now, don’t get too excited. There are limits! The total amount allocated to digital assets can’t exceed 10% of the fund’s balance at the time of investment. So, it’s like a digital asset diet – just a taste, folks! 🍰

Plus, the State Treasurer can invest in over 30 special funds, including retirement systems and health plans. Because nothing says “secure future” like mixing your retirement savings with Bitcoin. What could possibly go wrong? 😅

“NC has ~$9.6 billion in Reserve funds, and has $127 billion in its retirement systems. This translates to an investible amount of ~$13.7 billion,” Bitcoin Laws revealed on X (formerly Twitter). So, basically, they’re ready to party! 🎊

And North Carolina isn’t the only one getting in on the Bitcoin action. Florida is also trying to allocate 10% of public funds to Bitcoin with their own House Bill 487. It’s like a crypto party, and everyone’s invited! 🎈

Meanwhile, over 20 states are cooking up similar Strategic Bitcoin Reserve legislation. Utah is leading the charge, with their bill already passed in the state house. Arizona is hot on their heels, with their bill making its way through the committee. It’s a race to see who can throw their money into the digital abyss first! 🏁

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2025-02-11 13:08