North Dakota is the latest U.S. state to consider adding Bitcoin and other digital assets to its financial portfolio.
On Friday, the North Dakota State Legislature introduced Resolution 3001, which encourages the state to diversify its investments by allocating funds into digital assets and precious metals.
A Response to Inflation
The resolution aims to protect the state’s finances from the impact of inflation by broadening the scope of investments. The proposal was introduced by several North Dakota Representatives and Senators, including Nathan Toman, Matthew Heilman, and Todd Porter.
The resolution states that the state must adapt to changing economic conditions and emerging investment opportunities, calling for the prudent investment of state funds.
The Proposal’s Details
If passed, the resolution would direct the State Treasurer and State Investment Board to allocate portions of state funds into various digital assets.
However, unlike other state proposals, the resolution does not specifically mention Bitcoin. Instead, it encourages a more general approach to diversifying the state’s assets.
Unlike the New Hampshire proposal, which includes specific criteria for Bitcoin, North Dakota’s resolution leaves the door open for various assets without defining which ones.
John Bjornson, the North Dakota Legislative Council Director, clarified that the resolution is symbolic and does not carry the force of law. It serves more as a suggestion for future legislation.
A Growing Trend Among States
North Dakota joins a growing list of states, including Florida, Texas, Pennsylvania, and Ohio, that are considering strategic Bitcoin reserves. Other states, like Louisiana, have already started accepting Bitcoin payments for services.
With Bitcoin reserves becoming a popular topic, New Hampshire Rep. Keith Ammon warned that states failing to act quickly could fall behind. He emphasized the urgency for states to educate their officials on the potential benefits of Bitcoin and digital assets.
Resolution 3001 is expected to be voted on soon, but for now, it remains a symbolic step toward embracing digital asset investments in North Dakota.
