North Dakota is the latest U.S. state to consider including Bitcoin in 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 diversifying the assets the state invests in.
North Dakota Representatives Nathan Toman, Matthew Heilman, Jared Hendrix, Daniel Johnston, SuAnn Olson, and Todd Porter, along with Senators Jeff Barta and Bob Paulson, introduced the resolution. “Whereas changing economic conditions and emerging investment opportunities require prudent investment of the state’s financial resources,” the resolution said.
If passed, the North Dakota Legislative Assembly would direct the State Treasurer and Investment Board to allocate portions of key state funds to invest in digital assets. Notably, however, while encouraging digital asset investments, the resolution did not name Bitcoin specifically. Also Friday, legislation for a state Bitcoin reserve was introduced in New Hampshire, and while that proposed bill also didn’t mention Bitcoin by name, Bitcoin would be the only coin eligible for the New Hampshire reserve based on market cap stipulations.
The North Dakota resolution doesn’t have the same criteria, however. “The resolution is simply encouraging the State Treasurer and the State Investment Board to look at investing in different types of assets rather than what they currently do,” North Dakota Legislative Council Director John Bjornson told Decrypt. “It doesn’t hold the force of law, so it doesn’t include definitions about what those may include that would be something that would be more appropriate for a bill.”
Resolution 3001 is expected to be voted on Tuesday, but until then, the move is mostly symbolic. Other states considering strategic Bitcoin reserves include Florida, Texas, Pennsylvania, Ohio, and New Hampshire. In September, Louisiana began accepting payments for services with Bitcoin and the USDC stablecoin. “The state that is last to build Bitcoin reserves will lose,” New Hampshire Rep. Keith Ammon told Decrypt earlier Friday. “It’s urgent that states act sooner than later, and that takes some education on the part of state officials.”
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