North Carolina has become the 19th US state to consider adding Bitcoin to its state reserves, proposing legislation to invest up to 10% of public funds in high-value digital assets.
The bill is championed by House Speaker Rep.Destin Hall, with backing from Representatives Mark Brody and Steve Ross.
The state-level initiatives align with national discussions, as President Donald Trump advocated for incorporating Bitcoin into national reserves during his campaign, encouraging exploration of crypto asset stockpiling.
North Carolina has announced its intention to explore the inclusion of Bitcoin in its state reserves, becoming the 19th US state to do so.
The proposed legislation, House Bill 92 (HB 92), was introduced by House Speaker Rep. Destin Hall, with support from Representatives Mark Brody and Steve Ross, both known proponents of Bitcoin.
North Carolina’s Bold 10% Bitcoin Allocation Strategy
Under HB 92, North Carolina would allocate up to 10% of its state funds into exchange-traded products linked to digital assets with a market capitalization exceeding $750 billion. Currently, only Bitcoin meets this criterion, boasting a market cap of approximately $1.93 trillion, according to CoinMarketCap.
The bill also proposes using Bitcoin state-managed funds such as pensions for teachers and state employees, insurance funds, and veterans’ home trust funds to invest in Bitcoin.
Rep. Hall believes that the proposed bill will have significant impact to the state’s economy.
“Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation,” he said.
“Investing in digital assets like Bitcoin not only has the potential to generate positive yields for our state investment fund but also positions North Carolina as a leader in technological adoption and innovation,” he said.
Dan Spuller, Head of Industry Affairs at the Blockchain Association, shared the news on X (formerly Twitter), emphasizing that, unlike other states’ proposals, North Carolina’s initiative will be taken “deadly serious.” He noted that many proposed bills in other states have stalled without reaching the state house.
As promised, North Carolina’s Strategic Bitcoin Reserve legislation was introduced today.
This is a big deal. Let me explain:
📜 HB 92 bill was personally introduced by House Speaker @DestinHall—one of NC’s most powerful leaders. Top of the food chain.
It will directly… pic.twitter.com/QtS6Kj8CKu
— Dan Spuller (@DanSpuller) February 10, 2025
As promised, North Carolina’s Strategic Bitcoin Reserve legislation was introduced today.
This is a big deal. Let me explain:
📜 HB 92 bill was personally introduced by House Speaker —one of NC’s most powerful leaders. Top of the food chain.
It will directly…
— Dan Spuller (@DanSpuller)
While Spuller claimed in his tweet that many of the proposals has been stalled in some jurisdictions, Utah has recently made significant in this area.
Last week, the Utah House of Representatives passed the “Strategic Bitcoin Reserve” bill (HB 230), introduced by State Representative Jordan Teuscher. The bill received majority support and now awaits a Senate vote and the governor’s signature to become law.
If enacted, Utah would be the first among the 18 states to invest public funds in Bitcoin. The legislation proposes dedicating up to 5% of the state’s reserves to Bitcoin and other cryptocurrencies.
Meanwhile, the movement to incorporate Bitcoin into strategic reserves coincides with national discussions on digital assets.
US President Donald Trump, during his campaign, announced plans to add Bitcoin to national reserves. Upon inauguration, he issued an executive encouraging his administration to explore the idea of stockpiling crypto assets.
Apart from the United States, Czech Republic is also allocating a significant portion of its national reserve to investing in Bitcoin. If successful, the country’s central bank will be the in the world to integrate Bitcoin into its portfolio.