North Carolina House Approves Bills Allowing Crypto Investments in Pension Fund

The North Carolina House recently passed two bills aimed at modernizing the state's pension fund management. These bills allow for investments in cryptocurrencies like Bitcoin (BTC). This decision follows concerns about a $16 billion deficit in the pension system, necessitating improved investment returns. House Bill 506 proposes a five-member North Carolina Investment Authority to oversee the state's $127 billion investment portfolio. House Bill 92 allows the Investment Authority to allocate up to 5% of the state's portfolio to cryptocurrency investments, limited to mutual fund equivalents. The House approved House Bill 506 with a 110-3 vote and House Bill 92 with a 71-44 vote, and both bills now proceed to the Senate for consideration.