North Dakota is the latest US state to consider incorporating Bitcoin into its balance sheets. On Friday, the North Dakota state legislature introduced a resolution aimed at investing “select state funds in digital assets and precious metals.”
Resolution 3001 aims to curb the impact of inflation on North Dakota's finances by increasing the amount of assets the state invests in. Bob Paulson introduced the decision.
“However, changing economic conditions and emerging investment opportunities require prudent investment of the state's financial resources,” the resolution said.
If approved, the North Dakota Legislature would direct the state treasurer and board of investment to allocate key state funds to invest in digital assets. Notably, however, while encouraging digital asset investments, the decision did not mention Bitcoin by name.
Also on Friday, state bitcoin reserve legislation was introduced in New Hampshire, and while that proposed bill doesn't mention bitcoin by name, bitcoin would be the only coin eligible for New Hampshire's reserve under market cap laws. The North Dakota decision, however, lacks the same standard.
“The decision is to encourage the state treasurer and the state investment board to invest in different types of assets than they do now,” John Bjornson, director of the North Dakota Legislative Council, told Decrypt.
Resolution 3001 is expected to be voted on on Tuesday, but until then, the move is largely symbolic. Other states considering strategic Bitcoin reserves include Florida, Texas, Pennsylvania, Ohio, and New Hampshire. In September, Louisiana began accepting payments for services in Bitcoin and the USDC stablecoin.
New Hampshire representative Keith Ammon told Decrypt earlier on Friday that “the last state to build Bitcoin reserves will disappear.” “It is urgent that states act quickly and take some lessons from government officials.
Edited by Andrew Hayward.
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