North Carolina Goes Full Crypto: House Greenlights Bitcoin Treasury Bill

Move over bonds—the Tar Heel State just took its first step toward holding Bitcoin on its balance sheet. A landmark bill clearing the House could funnel taxpayer funds into crypto, sparking both cheers from Bitcoin maxis and eye-rolls from Wall Street traditionalists.

The Fine Print:
The proposal allows state treasury investments in ’digital assets’—with Bitcoin explicitly named. No word yet on whether lawmakers debated ’buying the dip’ during committee hearings.

Why It Matters:
If passed, North Carolina joins a growing list of states flirting with crypto exposure. Critics call it reckless speculation; supporters argue it’s hedging against dollar debasement. Either way, pension funds might soon moon—or crater.

The Punchline:
Another government entity chasing volatility. At least they didn’t pick Dogecoin... yet.

North Carolina greenlights Bitcoin Reserve bill

The “Digital Assets Investment Act” (HB92), which passed with a 71–44 vote, empowers the state treasurer to allocate up to 5% of investment funds into approved digital assets, pending stringent custody and compliance checks.

Republican House Speaker Destin Hall originally introduced the bill in February, and it now advances to the Senate for further deliberation.

Additionally, lawmakers passed a companion bill, the State Investment Modernization Act (HB506), with overwhelming support, signaling broader legislative momentum toward crypto adoption at the state level.

As expected, the bill requires board approval for any foray into digital assets and mandates independent third-party evaluations to ensure proper custody and compliance standards.

Importantly, the bill does not permit the direct purchase of cryptocurrencies; instead, it allows investments through regulated funds such as Bitcoin [BTC] mutual funds. 

Proponents and critics are debating the bill

Supporters like Rep. Keith Kidwell argue this approach enhances portfolio diversification while maintaining prudent risk management.

He said,

“In the same way that a good investment broker would do for you, we need to spread the allocation around.” 

Now, while supporters highlight the strategic value of aligning with emerging financial technologies, critics remain wary.

Rep. Maria Cervania raised concerns about the volatility of assets like Bitcoin, expressing hesitation about the state deepening its commitment to such unpredictable markets.

She stated,

“I still have a lot of questions about this investment strategy and the level of commitment we’re making to it.” 

However, despite some resistance from within the State Employees Association of North Carolina, Governor Josh Stein has thrown his weight behind House Bill 92. 

He emphasized the potential benefits of expanding the treasurer’s authority over state investments.

What’s more?

With prominent voices like Arthur Hayes forecasting a surge in Bitcoin’s value, the state’s move appears timed to capitalize on future gains.

North Carolina now trails only Arizona in the legislative race to enable crypto investments at the state level.

While Arizona has already passed dual crypto bills through both chambers, final approval awaits Governor Katie Hobbs.

This growing momentum at the state level contrasts with skepticism at the federal front.

Polymarket data reflects zero confidence that a national Bitcoin reserve will be initiated during Trump’s first 100 days, revealing a widening gap between local acceptance and federal hesitation.