'North Carolina Closer To Holding Crypto On Its Balance Sheet' - BlockWorks
Portfolio Pulse from Happy Mohamed
The North Carolina House has passed a bill to initiate a study on the potential inclusion of cryptocurrencies within the state treasury. The bill, House Bill 721, tasks the North Carolina State Treasury Department with investigating the acquisition, storage, and utilization of investments involving metal bullion and virtual currencies such as bitcoin. If passed, the Treasury must consider how investments in virtual currencies could be used to hedge against inflation and systemic credit risks, reduce overall portfolio volatility, and increase portfolio returns over time.
June 29, 2023 | 4:03 pm
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POSITIVE IMPACT
The bill in North Carolina to study the inclusion of cryptocurrencies in the state treasury could potentially increase the demand for Bitcoin, leading to a positive impact on its price.
If the bill is passed and the state treasury decides to include Bitcoin in its portfolio, it could lead to an increase in demand for Bitcoin. This increased demand could potentially drive up the price of Bitcoin.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The bill in North Carolina to study the inclusion of cryptocurrencies in the state treasury could potentially increase the demand for Ethereum, leading to a positive impact on its price.
If the bill is passed and the state treasury decides to include Ethereum in its portfolio, it could lead to an increase in demand for Ethereum. This increased demand could potentially drive up the price of Ethereum.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The bill in North Carolina to study the inclusion of cryptocurrencies in the state treasury could potentially impact the broader market, represented by SPY, as it indicates a growing acceptance of cryptocurrencies by government entities.
The potential inclusion of cryptocurrencies in the state treasury is a significant development that indicates a growing acceptance of cryptocurrencies by government entities. This could potentially impact the broader market, represented by SPY, although the direct impact is uncertain.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50