North Carolina soon a broke state - vote on a bill to study "potential benefits" of holding Bitcoin among other assets
North Carolina soon a broke state - vote on a bill to study "potential benefits" of holding Bitcoin among other assets
Transcription below
A BILL TO BE ENTITLED
AN ACT TO STUDY THE HOLDING OF BULLION AND VIRTUAL CURRENCY AND THEIR POTENTIAL BENEFITS AND WHETHER TO ESTABLISH A NORTH CAROLINA BULLION DEPOSITORY FOR SUCH ASSETS.
The General Assembly of North Carolina enacts: SECTION 1. The Department of State Treasurer shall conduct a study that examines (i) the process of acquiring, securely storing, insuring, and liquidating any investment metal bullion as defined in G.S. 105-164.13(69), such as gold, and virtual currency as defined in G.S. 53-208.42(20), such as Bitcoin, that may be held on behalf of the State, (ii) the expected impact of allocating a portion of the General Fund to investment metal bullion and virtual currency to hedge against inflation and systemic credit risks, reduce overall portfolio volatility, and increase portfolio returns over time, and (iii) the costs, benefits, and security of utilizing a privately managed depository or another state's depository or creating a State-administered depository in North Carolina to serve as the custodian, guardian, and administrator of certain investment metal bullion and virtual currency that may be transferred to or otherwise acquired by this State or an agency, a political subdivision, or another instrumentality of this State and to provide a repository for investors to use for such assets. The Department of State Treasurer shall 18 report on the results of the study, along with any legislative or other recommendations, to the 19 Joint Legislative Commission on Governmental Operations by January 1, 2024.
SECTION 2. There is appropriated from the General Fund to the Department of State Treasurer the nonrecurring sum of fifty thousand dollars ($50,000) for the 2023-2024 fiscal year to conduct the study required by this act.
SECTION 3. Section 2 of this act becomes effective July 1, 2023. The remainder of 24 this act is effective when it becomes law.
I think Bitcoin is more of a gamble than it is an investment. You can do well with it, sure, but it can be very volatile.
Bitcoin does not, for that reason, feel like an appropriate investment vehicle for a state government.
perhaps its not. thats what the bill proposes to investigate. hopefully, there will be an intelligent, well reasoned analysis behind whatever recommendation is made. i guess we shall see, if the bill passes.
Might I suggest Beanie Babies?
regardless of your personal take on energy backed, distributed, global, immutable ledgers... they are not beanie babies (or legos or tulips or any other analogy that has been used to glibly describe them).
not looking to argue, but well informed, thoughtful discussion is welcomed in the appropriate venue - this is probably not the place.
Seems a touch alarmist to say holding bitcoin makes them a broken state 😂
kneejerk reactions are, sadly, all I expect these days :-(