tl;dr
North Carolina has introduced a Bitcoin reserve bill, allowing the state to invest 10% of its funds and retirement systems into Bitcoin exchange-traded products, potentially totaling $14 billion. The bill was introduced by North Carolina House Speaker Destin Hall and co-sponsored by Rep. Steve Ross ...
North Carolina has introduced a Bitcoin reserve bill, allowing the state to invest 10% of its funds and retirement systems into Bitcoin exchange-traded products, potentially totaling $14 billion. The bill was introduced by North Carolina House Speaker Destin Hall and co-sponsored by Rep. Steve Ross and Rep. Mark Brody.
22 states have introduced similar bills, with Utah's bill moving to the Senate, while bills in North Dakota and Wyoming have failed. The likelihood of a national Bitcoin reserve being created in 2025 is currently at 43%. Analysts suggest it could take up to two years to build a strategic reserve.
North Carolina has become the latest U.S. state to introduce its own strategic Bitcoin reserve bill. The legislation would allow the state to invest 10% of each of its funds as well as state retirement systems into Bitcoin exchange-traded products (ETFs). This could potentially translate into a total investible amount of up to $14 billion.
Notably, the bill was personally introduced by North Carolina House Speaker Destin Hall, which gives it more weight. Hall, the youngest state House speaker in two centuries, is considered to be one of the most influential figures in North Carolina. The bill was co-sponsored by Rep. Steve Ross and Rep. Mark Brody.
Overall, a total of 22 states have now introduced their own strategic Bitcoin reserve (SBR) bills. Montana, Florida, Maryland, and Kentucky joined the race last week with their own bills. Utah is currently in the lead after its SBR bill gained enough traction to be moved to the Senate. Meanwhile, the bills that were introduced in North Dakota and Wyoming have already failed.
The odds of a national Bitcoin reserve being created in 2025 currently stand at 43% after surpassing 60% in late January. The odds of this reserve being created before Apr. 29 currently stand at just a minuscule 12%. Last month, analyst Willy Woo opined that it could take up to two years to build a strategic reserve.