On Wednesday, the North Carolina House of Representatives is on track to vote on whether money from the state’s public funds could be allocated to buying Bitcoin, a local regional newspaper reports.
This also applies to North Carolina’s pension fund, which provides retirement benefits for police officers, teachers, firefighters, and so on. It has a total of $129 billion in assets. The fund has more than a million members, including current employees and retirees.
As of now, the fund’s portfolio is mainly comprised of public equity and investment-grade fixed income. It also holds real estate as well as some non-traditional alternative investments such as private equity.
The bill that is facing the vote today will make it possible to allocate up to 5% of the state’s funds to the leading cryptocurrency. Bitcoin is the only digital asset that would qualify as an investment since its market cap exceeds the $750 billion mark.
The bill has been watered down compared to the original bill, which stipulated a maximum 10% allocation.
The new version bill also requires the coins to be stored with the help of a security custody solution instead of being solely controlled by a state treasurer.
