North Carolina Proposes Dedicating 10% of State Reserves to Bitcoin, Becoming the 19th US State to Explore the Idea

The proposed legislation, House Bill 92 (HB 92), was introduced by House Speaker Rep. Destin Hall, with support from Representatives Mark Brody and Steve Ross

North Carolina is set to explore the possibility of including Bitcoin in its state reserves, joining a growing number of US states considering such a move.

House Bill 92 (HB 92), introduced by House Speaker Rep. Destin Hall, with the support of Representatives Mark Brody and Steve Ross, both known proponents of Bitcoin, outlines the proposal.

If passed, North Carolina would allocate up to 10% of its state funds into exchange-traded products linked to digital assets with a market capitalization exceeding $750 billion. Currently, only Bitcoin meets this criterion.

The bill also proposes using Bitcoin for state-managed funds such as pensions for teachers and state employees, insurance funds, and veterans’ home trust funds to invest in Bitcoin.

“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 and innovation,” said Rep. Hall.

Head of Industry Affairs at the Blockchain Association, Dan Spuller, shared the news on X (formerly Twitter), highlighting that, in contrast to other states’ proposals, North Carolina’s initiative will be taken “deadly serious.”

Spuller noted in his tweet that many proposed bills in other states have stalled without reaching the state house.

However, Utah has made substantial progress in this area.

The Utah House of Representatives passed the “Strategic Bitcoin Reserve” bill (HB 230) last week, which was introduced by State Representative Jordan Teuscher. The bill received majority support and now awaits a Senate vote and the governor’s signature to become law.

If enacted, Utah would be the first among the 18 states to invest public funds in Bitcoin. The legislation proposes dedicating up to 5% of the state’s reserves to Bitcoin and other cryptocurrencies.

The movement to integrate Bitcoin into strategic reserves aligns with national discussions on digital assets.

During his campaign, US President Donald Trump announced plans to add Bitcoin to national reserves. After taking office, he issued an executive order directing his administration to investigate the possibility of stockpiling crypto assets.

Besides the United States, the Czech Republic is also considering allocating a substantial portion of its national reserve to Bitcoin. If successful, the country’s central bank will be the first in the world to include Bitcoin in its portfolio.