North Carolina is moving forward with a bold proposal to integrate Bitcoin into its state financial strategy. House Speaker Destin Hall has introduced House Bill 92 (HB 92), the Strategic Bitcoin Reserve bill, which aims to allow the state to invest up to 10% of its funds in Bitcoin-related assets.
A Step Toward Bitcoin Investment
HB 92 proposes that North Carolina allocate funds into Bitcoin-backed exchange-traded products (ETPs), specifically targeting digital assets with a market capitalization of over $750 billion. If the bill passes, state-managed funds, including public employee pensions, veterans’ home trust funds, and insurance reserves, could all gain exposure to Bitcoin investments.
The bill reflects a growing movement across the U.S., as states such as Florida and Kentucky have also introduced similar legislation to incorporate Bitcoin into their public investment portfolios.
Bipartisan Support for Bitcoin in North Carolina
The bill has garnered bipartisan backing, with Representatives Mark Brody and Steve Ross co-sponsoring the initiative. Both lawmakers have been long-time advocates of Bitcoin adoption, and their support signals a growing interest in the potential of digital assets to strengthen state financial reserves.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, has advised state officials on the bill. In a statement on social media, Spuller emphasized that HB 92 is more than just a symbolic gesture, noting that the bill is a tangible plan for moving forward with Bitcoin adoption in North Carolina.
A Broader Trend Toward State Bitcoin Reserves
North Carolina’s efforts are part of a wider national trend. Kentucky has already proposed a bill similar to HB 92, seeking to allocate 10% of its reserves to Bitcoin. Meanwhile, Florida has introduced SB 550, which would empower the state’s Chief Financial Officer to invest public funds in Bitcoin. On the federal level, discussions have also gained momentum, especially in light of President Donald Trump’s pro-crypto stance.
What’s Next for HB 92?
HB 92 will now go through North Carolina’s legislative process, where lawmakers will debate and review its provisions. If passed, North Carolina could become one of the first states to officially allocate public funds into Bitcoin. Industry leaders are closely monitoring the bill’s progress, as it could signal a major shift toward broader state involvement in cryptocurrency.
As the state transitions away from its Blockchain Initiative task force, advocates like Spuller are now focusing on national efforts, aiming to influence digital asset policies at both state and federal levels. This bill comes at a time when Bitcoin’s price has seen a boost, surpassing the $98,000 mark, with positive momentum building around the cryptocurrency’s potential for institutional adoption.
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