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Home News

Bitcoin in Retirement Funds? NC House Passes Controversial Crypto Bills

Tom Nyarunda by Tom Nyarunda
1 May 2025
in News, Business, Cryptocurrency, Politics
Reading Time: 3 mins read
0
North Carolina Approves crypto bills

Will This be the beginning of a new era?

The North Carolina House this week passed two crucial crypto investment bills that will change how the state manages its pension fund, including allowing the state to invest in digital assets like Bitcoin.

According to a North Carolina News Line statement, the state will appoint a five-member board of appointees to manage the state’s $127 billion investments under House Bill 506.

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • SEC Unveils Project Crypto: Can the U.S. Become the Global Crypto Capital?
    • FLOKI Took Off—Now Troller Cat’s Plotting Its Presale Pounce With Major ROI Talk
  • A Strategic Bitcoin Reserve for North Carolina
  • House Speaker Backed Bills
  • Questions about Investment Strategy
  • Conclusion
    • Frequently Asked Questions
      • Do pension funds invest in Bitcoin?
      • Is crypto a good investment for retirement?
      • Do many pension funds invest in crypto?
  • Appendix: Glossary to Key Terms
    • Source

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One of the crypto investment bills, House Bill 92, dubbed the Digital Assets Investment Act, allows the state treasurer to invest up to around 5% of any one retirement fund in digital assets. This will include different types of cryptocurrency, including Bitcoin, stablecoins, and non-fungible tokens (NFTs).

Crypto investment bills passed in NC
Crypto investment bills includes research for strategic bitcoin reserve

A Strategic Bitcoin Reserve for North Carolina

The initial Bill proposed a 10% cap for Bitcoin investment, but North Carolina lawmakers cut the allocation by half to limit what they perceived as risks associated with cryptocurrency investment. The crypto investment bills also mandate the Treasurer’s office to conduct a feasibility study for a strategic Bitcoin reserve for North Carolina.

According to the Bill’s sponsor, Rep Mike Schietzelt, the stockpile would initially be composed of seized or forfeited crypto assets handled by law enforcement agencies like the State Bureau of Investigation.

Several lawmakers, especially from the Democratic Party, criticized the Bill despite garnering support from their side of the house. Their criticisms focused on the volatility of cryptocurrencies. Among the strongest critics was Rep. Tracy Clark, who strongly objected to the idea, referring to crypto investment as “gambling with retirement funds.”

North Carolina passes Crypto bills
The BIlls now advance to the Senate

House Speaker Backed Bills

Also opposing the Bill was Rep. Marcia Morey (D-Durham), who illustrated the risk using the infamous example of the Bored Ape NFT bought by pop star Justin Bieber, once worth $1.3 million, now valued at a fraction of that. However, the supporters of the correct Bill have expressed confidence in District Treasurer Brad Briner’s judgment. Rep. Morey stated:

“If celebrities are losing millions on these digital tokens, how can we guarantee security for North Carolina teachers and firefighters?”

Questions about Investment Strategy

House Speaker Destin Hall (R-Caldwell) backed the crypto investment bills. Still, they limit the investments to the crypto equivalent of mutual funds rather than direct investments in specific currencies. The Bill’s supporters view it as another plank of proactive and wise investing, arguing that the state should utilize a growing market corner. Rep. Keith Kidwell said:

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“We need to spread the allocation around […] just like any good investment broker would do for you.”

However, some Democrats opposed Bitcoin investment and urged caution. Rep Maria Cervania stated:

“I still have many questions about this investment strategy and our commitment level to it.”

Conclusion

North Carolina Governor Josh Stein has supported both crypto investment bills, endorsing the expansion of the Treasurer’s authority over state investments. However, representatives from the State Employees Association of North Carolina have expressed opposition, citing potential risks for state workers’ pensions. House Bill 506 received a vote of 110-3, and House Bill 92 passed 71-44. Both bills now advance to the Senate for further consideration.

Frequently Asked Questions

Do pension funds invest in Bitcoin?

Some pension funds in the US, UK, and elsewhere have recently begun investing in cryptocurrencies, an asset class renowned for its volatility. In the US, for example, bitcoin ETFs are becoming popular for pension schemes in Wisconsin and Michigan.

Is crypto a good investment for retirement?

For retirement investors, the decision to include crypto in their portfolio should be guided by carefully considering their financial goals, risk tolerance, and long-term strategy.

Do many pension funds invest in crypto?

The vast majority of pension funds outside the US view Bitcoin as a highly speculative trade loaded with reputational, career, and financial risks.

Appendix: Glossary to Key Terms

Pension fund: A financial entity established by an employer to provide retirement benefits to its employees.

Legislative Bill: A draft law introduced in a legislature for debate and consideration.

Source

North Carolina News Line

 

Tags: Crypto investment billsNorth Carolina
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Tom Nyarunda

Tom Nyarunda

Tom Nyarunda is a writer with in-depth knowledge of blockchain, cryptocurrency, NFTs, and SaaS. Based in Kenya, Tom has devoted his time to the study of Bitcoin and cryptocurrency, as he believes them to be incorruptible products of the future.

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