RALEIGH, NC – North Carolina is charging headfirst into the cryptocurrency revolution, with a daring proposal that could see nearly $1 billion of public money poured into Bitcoin. On March 18, 2025, Republican Senators Todd Johnson, Brad Overcash, and Timothy Moffitt dropped a bombshell in the form of Senate Bill 327 (SB327), the "Bitcoin Reserve and Investment Act." The legislation grants State Treasurer Dale Folwell unprecedented power to invest up to 10% of the state’s $9.5 billion general fund—$950 million—directly into the world’s leading cryptocurrency, aiming to transform the state’s financial playbook.
This seismic shift builds on momentum from House Bill 92 (HB92), rolled out by House Speaker Destin Hall on February 10. Together, the bills form a two-pronged assault on traditional investing. While SB327 authorizes direct Bitcoin buys, HB92 opts for Bitcoin exchange-traded products (ETPs), both capping allocations at 10% of any state-managed fund. With North Carolina’s retirement system sitting at $127-$129 billion, the total potential investment could skyrocket to $13.7 billion—enough to make Wall Street blink. Bitcoin, currently boasting a $750 billion market cap, is the only digital asset eligible under HB92’s strict rules, cementing its starring role in this high-stakes gamble.
“This isn’t just about diversification—it’s about positioning North Carolina as a leader in financial innovation,” Senator Johnson proclaimed, framing the move as a bold step to bolster the state’s economic edge. The plan dovetails with a national wave of crypto enthusiasm, fueled by President Donald Trump’s vocal push for a federal Bitcoin stockpile. Over 20 states are exploring similar reserves, but North Carolina’s proposal stands apart with its meticulous safeguards: multi-signature cold storage to thwart hackers, monthly audits for transparency, and a lock on selling Bitcoin unless a “severe financial crisis” triggers a two-thirds vote in the General Assembly.
The stakes are dizzying. SB327 even floats the idea of state-run Bitcoin mining to grow holdings, potentially turning North Carolina into a crypto-producing powerhouse. Imagine it: state-of-the-art rigs humming in Raleigh, churning out digital gold. Supporters argue it’s a visionary hedge against inflation and a weakening dollar—Bitcoin’s value has soared over 300% in the past five years alone. “We’re not just investing in an asset; we’re investing in the future,” Senator Overcash insisted.
But not everyone’s cheering. Critics, including some fiscal conservatives, warn of Bitcoin’s wild price swings—down 20% one day, up 30% the next. “This is taxpayer money, not a Vegas slot machine,” one Raleigh accountant grumbled anonymously, reflecting broader unease. The bills’ fates hang in the balance: SB327 is fresh off the Senate press, while HB92, already past its first reading, lingers with the Committee on Pensions and Retirement as of March 22, 2025.
If passed, North Carolina could redefine public finance—or ignite a cautionary tale. With the nation watching and crypto markets buzzing, the Tar Heel State’s Bitcoin bet is a high-wire act no one can ignore. Will it strike digital riches or crash in a blaze of regret? Only time, and the blockchain, will tell.