North Dakota has become the latest U.S. State to include Bitcoin on its balance sheet. The North Dakota State Legislature presented a resolution on Friday aimed at investing in Bitcoin. “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. The resolution was introduced by Nathan Toman and Matthew Heilman of North Dakota, as well as Senators Jeff Barta, Bob Paulson and Daniel Johnston.
“Whereas changing economic conditions and emerging investment opportunities require prudent investment of the state's financial resources,” The resolution stated.
The North Dakota Legislative Assembly, if passed, would instruct the State Treasurer and Investment Board that portions of state funds be allocated to digital assets. While encouraging investments in digital assets, the resolution didn’t mention Bitcoin.
New Hampshire also introduced legislation Friday for a Bitcoin state reserve. While the bill didn’t specifically mention Bitcoin, it would only be eligible if the market capital was met. North Dakota does not use the same criteria.
“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 said 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.”
On Tuesday the resolution 3001 should be voted, but for now, this move is more symbolic. Florida, Texas and New Hampshire are among the states that have considered strategic Bitcoin reserves. Louisiana accepted Bitcoin and USDC as payment in September.
“The state that is last to build Bitcoin reserves will lose,” New Hampshire Rep. Keith Ammon said Decrypt Early 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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