During the previous bull market, the bitcoin (BTC) adoption curve was pushed to a higher level. Listed companies started holding the digital asset on their balance sheets and the Central American country of El Salvador also converted it into legal tender. Institutional interest has gained momentum in recent weeks and now the US state of North Carolina is also looking at bitcoin with some interest. It will investigate whether it can include the crypto in the state treasury.
North Carolina is exploring bitcoin
On June 28, the North Carolina House of Representatives passed it bill good to start an investigation into the possible inclusion of cryptocurrencies in the state treasury. Specifically, it relates to a $50,000 study to examine the “acquiring, safely storing, insuring and liquidating” of both gold bars and “virtual currencies such as bitcoin.”
The so-called State Precious Metals Depository Study also looks at the impact it would have if North Carolina put part of its funds in crypto and/or gold. In particular, it would examine whether such positions would hedge against inflation and ”systemic credit risks” and whether they could reduce volatility, thereby increasing the government’s portfolio returns.
The 120-member House of Representatives passed the bill Good with a total of 73 votes in favour, 40 against and 7 absentees.
The bill will have to pass the Senate before Governor Roy Cooper signs it.
Crypto adoption US states
At the state level, North Caroline isn’t alone in being interested in potentially advancing the role of digital assets. Since the beginning of 2022, it has been possible in Colorado to pay taxes in the form of cryptocurrencies.
In March 2022, the Virginia Senate also passed a new law that would allow banks to offer crypto custody services to clients. The most recent Bitcoin news report regarding US states’ crypto adoption was in Mississippi.
In February of this year, the Digital Asset Mining Actwhich legalizes bitcoin mining in the private sphere as well as at the industrial level, namely to pass the Senate.
