North Carolina Senate Bill Allows 10% Investment in Bitcoin

North Carolina has passed Senate Bill 327, allowing public funds to invest up to 10% in Bitcoin as a reserve asset, aiming to position the state at the forefront of cryptocurrency adoption in the U.S. This initiative, led by Republican senators, seeks to utilize Bitcoin to enhance the state's economic base and includes provisions for creating a Bitcoin Economic Advisory Board to manage investments. The bill outlines strict regulations for Bitcoin use, including the need for legislative approval for any sales from the reserve. In addition, the state plans to keep Bitcoin securely across multiple storage devices, requiring multiple authorizations for access. The move is seen as a response to changing financial landscapes and is supported by forecasts that suggest Bitcoin could potentially help decrease the national debt. As North Carolina explores this innovative financial strategy, it aims to set a precedent for other states considering similar legislation.