Legislators in North Carolina are looking into Bitcoin and gold investments as a method to improve the southern state’s finances, and on Wednesday they passed a measure to fund a research on digital assets and precious metals. The North Carolina House of Representatives has approved the legislation, and it will now go before the North Carolina Senate. If the Senate approves the measure, it will go to Governor Roy Cooper for his signature before becoming law. It was shown in April and was titled “Study of the State Deposit of Precious Metals.”
To better safeguard against inflation, lower portfolio volatility, and increase long-term returns, the state would be required to assess the potential benefits of investing in digital assets and precious metals via the General Fund. The measure calls attention to the possibility that systemic credit concerns are a good cause to own Bitcoin and gold. The investigation will focus in part on the government’s ability to purchase, store, and sell digital assets and precious metals. The government might even consider setting up a central bank to store valuables like Bitcoin and gold.
Mark Brody, a state legislator, attributed the bill’s emphasis on digital assets to his collaboration with Dan Spuller, the director of industrial relations for the Blockchain Association. This month, Spuller spoke in front of state legislators to urge their inclusion of digital assets in the research.
The original bill was actually to make an allocation to buy gold. As we started talking about it, a lot of people just didn’t know enough to make a decision, which is why the study is being done first.
State Rep. Mark Brody
Update: @NC_Blockchain is pleased to report the #DigitalAssets #Custody Study Bill (HB721) unanimously passed powerful @NCLeg Rules Cmte. Full floor vote tmrw!
— North Carolina Blockchain Initiative (@NC_Blockchain) June 27, 2023
📎https://t.co/jEKauRUq31@blockcoalition @blockchainassn @initiative_sc @SatoshiActFund #Bitcoin @Dennis_Porter_ #BTC https://t.co/Ue1qudU4ym
On Wednesday, all 67 Republicans present in the House voted in favour of the bill to investigate Bitcoin and gold, while six Democrats also indicated their support for the measure. However, 40 Democratic no votes showed overwhelming opposition. The measure would provide $50,000 to fund the research, with the results and any policy suggestions being presented to the state’s Joint Legislative Commission on Governmental Operations at the start of the next calendar year.
