The push for crypto adoption is getting stronger as individual states explore plans to use state funds to buy Bitcoin. North Dakota is the latest state to join the conversation after both houses approved the recommendation.
Under House Concurrent Resolution No. 3001, introduced by six legislators, the state’s Legislative Assembly calls for an investment in digital assets to spur economic growth and address inflation.
The resolution encourages the investment board and the state treasure to diversify the reserve funds to include digital assets like Bitcoin.
Source: North Dakota State Legislature
Using Crypto To Spur The Economy And Address Inflation
On July 27th, 2024, Wyoming Senator Cynthia Lummis appeared at the Nashville Bitcoin Conference, holding papers and announcing the Bitcoin Reserve Bill. In a statement, Lummis boldly declared that this should serve as the country’s “Louisiana Purchase”, a policy that would make the US competitive in the industry and help address inflation.
Today, the call is getting a lot of support from individual states, with North Dakota as the latest to join the discussions.
According to the resolution’s sponsor, inflation is the primary economic problem facing the state. Inflation, they say, erodes the purchasing power of state funds, which affects the state’s financial and economic security.
As such, it’s crucial that the state of North Dakota invests in a store-of-value asset, like Bitcoin, which can protect the state’s funds.
State Legislature Asks Treasurer To Diversify Funds
According to the resolution’s sponsors, one way to a
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Author: Christian Encila
