- North Carolina lawmakers introduced House Bill 92 to invest in Bitcoin.
- The bill allows up to 10% of state funds to go into BTC via regulated ETPs.
North Carolina is the 20th U.S. state to propose Bitcoin reserve legislation. The lawmakers have introduced House Bill 92 (HB 92) to allow the state treasurer to invest up to 10% of public funds in BTC and other high-value digital assets. The bill, sponsored by House Speaker Rep.
Destin Hall, along with Representatives Mark Brody and Steve Ross, restrict investments to cryptocurrencies with a market cap above $750 billion. Under HB 92, the state treasurer can use exchange-traded products (ETPs) to invest. Moreover, the investment can come from the General Fund, Highway Fund, and 24 other special funds managed by the state.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, emphasized that North Carolina’s proposal is being taken seriously. He noted that many similar bills in other states have stalled.
At the federal level, U.S. President Donald Trump has backed Bitcoin reserves. He issued an executive order encouraging the exploration of crypto asset stockpiling. Meanwhile, Utah’s legislative efforts have gained momentum. The state’s House of Representatives passed a bill allowing up to 5% of reserves to be allocated to BTC.
Growing State-Level Interest in Bitcoin Reserves
Montana and Florida recently introduced similar bills, adding to a rising trend among states exploring digital asset adoption. Montana’s House Bill 429 proposes investing up to $50 million in digital assets, stablecoins, and precious metals. The assets must be held through a custodian or an exchange-traded fund (ETF). Florida’s bill seeks to allocate up to 10% of public funds to Bitcoin.
Other states, including Kentucky, Maryland, and Iowa, have introduced legislation for Bitcoin reserves. Kentucky’s bill would allow 10% of excess state funds to be invested in BTC while prohibiting central bank digital currencies (CBDCs). Meanwhile, Maryland’s bill proposes funding a Bitcoin Reserve Fund through gambling violation penalties. Similarly, Iowa’s proposal includes Bitcoin, stablecoins, and precious metals, with a 5% cap on public fund allocations.
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