North Carolina To Spend $50K To Study Benefits of Holding Bitcoin

• North Carolina House of Representatives passed a bill to study the benefits of cryptocurrency such as Bitcoin.
• The bill includes a $50,000 study for researching the expected impacts of holding digital assets by the state.
• The bill aims to explore potential benefits of deploying some General Fund to digital assets in order to hedge against inflation and other systemic risks.

North Carolina House Passes Bill to Study Benefits of Holding Bitcoin

The North Carolina House of Representatives has recently passed a bill called “State Precious Metals Depository Study” that is aimed at exploring the potential impact of a state securely holding, insuring, and liquidating virtual currency such as Bitcoin. The legislation received 73 votes in favor, 40 against, while seven participants were absent. It has now been referred to the Senate for further consideration and includes provisions for a $50,000 study on the topic.

Objective of Bill

The main objective behind this bill is to analyze if using some portion from the General Fund for investing in digital assets would help in hedging against inflation and systemic credit risks; assessing various factors such as costs, benefits, and security measures related to different depository options; examining the feasibility of leveraging a privately managed depository or another state’s depository; and setting up a State-administered depository.

Impact on Cryptocurrency Market

If this bill is passed by the Senate and comes into effect then it could have an immense positive impact on cryptocurrency markets in general since it will be seen as an endorsement from one of America’s most populous states which could inspire other states too.

What This Could Mean For Investors?

For investors too, this could mean that they may potentially get access more reliable ways to store their digital assets with added security provided by state-level insurance policies which will provide them with more confidence when looking at long-term investments opportunities in cryptocurrencies such as Bitcoin or Ethereum etc..

Final Thoughts

It remains to be seen whether this bill passes through senate or not but if it does then this could be an important step forward towards integrating cryptocurrencies into mainstream finance while providing investors with more reliable ways to store their digital asset holdings with added security provided by state-level insurance policies.