North Carolina Considers Investing Up to 10% of Public Funds in Bitcoin

North Carolina lawmakers have introduced several bills in March 2024 proposing significant investments in cryptocurrencies, including Bitcoin. On March 24, Representative Brenden Jones introduced the Investment Modernization Act (House Bill 506), suggesting the state treasurer allocate up to 5% of state retirement funds into digital assets. A similar bill (Senate Bill 709) was introduced in the Senate on March 25. These bills define digital assets broadly, encompassing cryptocurrencies, stablecoins, and NFTs. Separately, on March 18, Senate Bill 327, the Bitcoin Reserve and Investment Act, proposed allocating up to 10% of public funds specifically into Bitcoin, stored in a multi-signature cold storage wallet and only liquidated during severe financial crises with approval from two-thirds of the General Assembly. As of March 2024, 41 Bitcoin reserve bills have been introduced across 23 states, with 35 still active.