Overview

North Carolina has officially joined a list of 19 states that are currently evaluating legislation for public investments in cryptocurrency.

• Current Status: None of these proposals have yet passed in state legislatures. However, Utah’s initiative has advanced to a state house vote.

Legislative Initiative

The most recent proposal in North Carolina seeks to allocate up to 10% of the state’s general and highway funds into digital assets, focusing strictly on cryptocurrencies with a high market capitalization, which currently only includes Bitcoin (BTC). This approach mirrors the efforts of 18 other states exploring different methods for investing public funds in crypto, often concentrating on state retirement funds.

“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 stated.

Understanding the Trend

As the conversation around crypto investments grows, Wisconsin and Michigan have already incorporated digital assets into their retirement funds for public employees. Discussions are ongoing in additional states, bringing the total focus to 23 states considering the inclusion of cryptocurrencies in their financial strategies.

The surge towards these initiatives has parallels at the federal level, reflecting President Donald Trump’s earlier executive orders encouraging exploration into the stockpiling of crypto assets. Currently, the leading legislative effort is in Utah, which has successfully moved its proposal to the senate.

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