North Carolina lawmakers are considering a proposal to invest public funds into Bitcoin exchange-traded products.
The bill, filed Monday by Rep. Deborah Ross (D-NC), calls for the State Treasurer to invest up to 10% of money from North Carolina’s funds and retirement systems into Bitcoin ETPs. That means the state could pour more than $10 billion into funds built around the world’s oldest cryptocurrency.
Although the draft legislation doesn’t refer to Bitcoin by name, it calls for the State Treasurer to invest in exchange-traded products tracking digital assets with a minimum average market capitalization of $750 billion over the past twelve months.
Only one digital asset fits the bill, as of this writing: Bitcoin
More than a dozen states have put forth bills to invest public funds in digital assets such as Bitcoin or stablecoins, with Montana, Maryland, and Kentucky filing such bills just last week. The scope and depth of those proposed investments differs from state to state, however, with some enabling direct investments into cryptocurrencies and some even mentioning Bitcoin by name.
North Carolina has previously propelled pro-crypto bills through its legislature. In 2023, its House of Representatives passed legislation that would prohibit …
