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COINTURK NEWS > Cryptocurrency News > North Carolina’s Bold Move to Invest in Cryptocurrency Ignites Excitement
Cryptocurrency News

North Carolina’s Bold Move to Invest in Cryptocurrency Ignites Excitement

In Brief

  • North Carolina's new bill aims to invest state funds in cryptocurrencies.

  • Investment is limited to 10% of total fund balance to mitigate risks.

  • Other states are also proposing Bitcoin reserve legislation, fostering competition.

İlayda Peker
İlayda Peker 3 months ago
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The Speaker of the North Carolina House of Representatives, Destin Hall, has introduced a bill that will enable the state treasury to invest in cryptocurrencies. The proposed legislation, named the “North Carolina Digital Assets Investments Act,” aims to diversify the state’s investment portfolio and position North Carolina as a leader in digital transformation. The bill allows investments in major cryptocurrencies, such as Bitcoin (BTC) $103,575, capping these investments at 10% of the fund’s total balance.

Contents
Investment Criteria and Proposed LimitationsA New Trend in the U.S.: “Bitcoin Reserves”

Investment Criteria and Proposed Limitations

The bill permits the Treasury Secretary to invest only in cryptocurrencies that meet specific criteria. These criteria require that the cryptocurrencies be recognized as “exchange-traded products” and have an average market value of at least $750 billion over the past 12 months. Currently, only Bitcoin meets this requirement.

North Carolina Bitcoin and Cryptocurrency Law

According to the proposal, cryptocurrency investments must not exceed 10% of the fund’s total balance. This limit aims to reduce investment risks and protect the state’s financial stability. Hall stated that this initiative would not only increase the returns of the state investment fund but also position North Carolina at the forefront of technological advancements.

In a post on the social media platform X, Hall mentioned that the bill aligns with former President Donald Trump’s vision for a “national Bitcoin reserve.” He emphasized that this move offers a chance to strengthen the state’s financial future and become a pioneer in Bitcoin investments.

A New Trend in the U.S.: “Bitcoin Reserves”

North Carolina’s initiative is part of a rapidly spreading trend across the United States. States like Texas, Pennsylvania, Ohio, and Oklahoma have also proposed similar legislation to establish Bitcoin reserves.

The Trump administration’s favorable stance toward cryptocurrencies has made Bitcoin a strategic investment tool for states. The high market value and global significance of Bitcoin are reshaping state investment strategies, turning this trend into an inter-state competitive arena.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 11 February, 2025 - 4:05 pm 11 February, 2025 - 4:05 pm
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By İlayda Peker
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