North Carolina House Passes Bill to Study Benefits of Bitcoin
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The North Carolina House of Representatives has passed a bill that would study the potential benefits of acquiring and holding Bitcoin. The bill, called House Bill 721, has now been referred to the Senate for additional consideration.
The ultimate goal of the study is naturally to determine whether it’s in the best interests of the state to acquire Bitcoin. However, that review comprehends the following specific factors:
Whether allocating some of the state’s resources to Bitcoin can hedge against inflation, while also reducing overall portfolio volatility and increasing portfolio returns.
Whether a depository that’s privately managed, managed by another state, or managed by North Carolina itself would be most feasible should the state move forward with acquiring Bitcoin.
The passage of House Bill 721 is a significant development for the state, because it shows that North Carolina is taking a proactive approach to studying Bitcoin and exploring its potential benefits.
The bill is still in its early stages, and it remains to be seen whether it will become law. However, overall it’s being seen as a positive sign for the future of Bitcoin in North Carolina.
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