The last state effort to establish the investment of public money in cryptocurrencies, a bill presented on Monday in North Carolina, is backed by the speaker of the state of the destin Hall.
North Carolina’s high profile struggle contemplates that it puts up to 10% of its general funds and roads in digital assets, which limits it to crypto with a market capitalization so high that only Bitcoin (BTC) currently qualifies. It joins 18 other states with invoices that weigh several ways of putting public money in cryptography, many of them focus on investing parts of their state’s retirement funds.
“Investing in digital assets such as Bitcoin not only has the potential to generate positive yields for our state investment fund, but also positions North Carolina as leader for adoption and technological innovation,” Hall said in a statement.
Two other states, Wisconsin and Michigan, already have cryptography in their retirement portfolios for public employees. And at least two more states are in a serious discussion to join others, which makes a total of 23 that dedicate a scrutiny close to the idea of rethinking portions of their financial future in the digital asset sector.
Most of this trend took off when President Donald Trump openly adopted a similar idea at the federal level. He issued an executive order in his first days in the position that encouraged his administration to explore the idea of storing cryptographic assets. There is also legislation in Congress for that to happen, but it has not yet advanced.
Among the states at this point, that of Utah is the main effort, after having cleared his state house and moved to the Senate there.
Read more: As a state approaches in an encryption reserve, others jump to the fray
