North Carolina Takes the Bitcoin Plunge – Will It Pay Off? 💸

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Hold onto your hats, folks! North Carolina has just approved a *game-changing* plan to integrate Bitcoin (yes, that Bitcoin) into its $127 billion pension fund. Because who wouldn’t want a little crypto chaos mixed in with their retirement savings, right? 🙄

This bold move comes after the state’s pension system, um, realized it’s short $16 billion. Talk about a *slight* cash flow problem. But hey, let’s throw some Bitcoin into the mix and hope it all works out. 🔥

5% of the State’s Portfolio? Let’s Throw in Some Bitcoin! 😏

Enter House Bill 506: the new plan to give birth to the “North Carolina Investment Authority.” This group of financial wizards (well, five of them) will oversee that shiny $127 billion portfolio. And guess what? One of them is the State Treasurer, Brad Briner, who’s basically saying, “Let’s get with the times” (because apparently, traditional investments are *so 2008*). 💼

The other four members will be appointed by big wigs like the Speaker of the House, Senate President, and, naturally, the governor. We’re talking heavy hitters here. And guess what? They *have* to be experts with at least ten years of experience in managing pensions or endowments. So no random person off the street, promise. 🤓

Meanwhile, House Bill 92 says: “Hey, let’s invest up to 5% of the state’s funds in Bitcoin and other cryptocurrencies.” Because, why not? After all, it’s only a *massively volatile* market. But don’t worry, they’ll be playing it safe with “mutual fund equivalents.” So, like, maybe less gambling? 🤷‍♀️

Of course, some people (mainly those not holding Bitcoin bags) are like, “Uh, is this a great idea?” You’ve got Brad Briner, all excited about diversifying, and then Rep. Keith Kidwell, who’s basically waving the diversification flag. But the true question is: will it work, or is North Carolina about to bet the farm on Bitcoin? 🤔

Democrats Not So Sure About This Crypto Party 😬

On the flip side, some Democrats are clutching their pearls over this whole cryptocurrency thing. Rep. Maria Cervania (D-Wake) is *definitely* not sold on the idea, saying, “I have *so many* questions about this investment strategy.” You and us both, Maria. 🤨

It’s not like the crypto market has a history of being, you know, *stable* or anything. So, of course, this bill has sparked plenty of heated debates—because who doesn’t want their pension fund tied to a market that can drop 20% overnight? 😬

Meanwhile, Governor Josh Stein is like, “Let’s go big or go home,” voicing support for the bills. But, uh, the State Employees Association is not exactly ready to start celebrating. They’re a bit concerned about all those state worker pensions potentially taking a hit. 🤷‍♂️

The bills passed in the House (110-3 for HB506 and 71-44 for HB92), but now they’re off to the Senate. Stay tuned for the next chapter in the *epic* saga of North Carolina’s crypto gamble. 🎲

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2025-05-01 08:11