#NorthCarolina is considering a bill that allows public investment in Bitcoin ETF, marking a significant step towards legalizing cryptocurrency at the state level. This could signal an increasing interest from local governments in digital assets.

10% of Public Funds Could Flow into Bitcoin ETF

The bill proposed by Representative Deborah Ross calls for the North Carolina Department of Finance to invest up to 10% from the state’s pension and public funds into ETF products tracking Bitcoin. This means that over $10 billion could potentially flow into the cryptocurrency market through investment funds.

Although the bill does not directly mention Bitcoin, the conditions require ETF products to track digital assets with a minimum market capitalization of $750 billion over the past 12 months. Currently, only Bitcoin meets this criterion, meaning that North Carolina is almost certainly looking to target a BTC ETF.

North Carolina Follows Other States

Not only North Carolina, but a number of other states such as Montana, Maryland, and Kentucky have also proposed similar bills aimed at investing in $BTC or other digital assets. However, the level of investment varies among states, with some choosing to invest directly in crypto, while others focus only on financial products related to Bitcoin.

Dissenting Views in the Legislature

Previously, North Carolina has taken crypto-friendly actions. In 2023, the state House passed a law prohibiting the government from accepting central bank digital currency (CBDC) due to privacy concerns. However, not all lawmakers support cryptocurrency. Last year, some legislators proposed laws to ban or tighten regulations on cryptocurrency mining in certain areas of the state.

Diverse Investment Forms

The new bill also allows the Department of Finance to invest directly in Bitcoin ETF or through third-party asset management companies. These companies can come from both inside and outside the United States, as long as they provide annual audited financial reports.

Will Bitcoin ETF Become the Government's Investment Trend?

If this bill is passed, North Carolina will become one of the pioneering states to invest public funds in #BitcoinETF . This could signal that more local governments are viewing Bitcoin as a legitimate and potential long-term investment asset.

With the growing wave of cryptocurrency acceptance, will more states follow North Carolina in the near future? 🚀