North Carolina is pushing forward a bill to study holding Bitcoin

[Blitzboy]

the beauty of the Bitcoin revolution. Its philosophical undertones are seeping into our political systems. The move by North Carolina to potentially hold Bitcoin is an exciting evolution in the socio-political recognition of cryptocurrency.

However, one must be cautious. While optimistic, I must shed light on the dark side of the moon. The pessimist in me is reminded of the trials Bitcoin might face if state governments begin to stockpile it. The regulatory landscape could tighten, causing an Orwellian oversight nightmare for individual Bitcoin holders. Remember, every silver lining has a cloud.

But the Bitcoin-enthusiast in me is jumping for joy. More recognition equals more adoption. And who wouldn't want that? The serious part of me sees the potential for Bitcoin to become a global reserve, just like gold. We're witnessing history, folks!

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[un_rank]

It is simply the bureaucratic way the institutions work. In order to adopt certain measures they require a prior study and they commission someone who is supposedly prestigious on the subject to do a study.

It all seems so fishy and shady that such an amount would be conducted for a "Study". Being prestigious in the field means they have released lots of articles or messages about it and it also means that they are pro Bitcoin, they do not need to be paid $50k to give their verdict on it in relation to the country's economy, 10% of that can cover the entire expedition.

- Jay -

[mk4]

It all seems so fishy and shady that such an amount would be conducted for a "Study". Being prestigious in the field means they have released lots of articles or messages about it and it also means that they are pro Bitcoin, they do not need to be paid $50k to give their verdict on it in relation to the country's economy, 10% of that can cover the entire expedition.

- Jay -

True. They probably would've saved A LOT of money by temporarily hiring someone like Andreas Antonopoulos and Erik Voorhees, or both lol. But yea — the $50k is probably just a small drop in a bucket when talking about North Carolina's reserves.

[retreat]

I doubt that they will be serious about adopting Bitcoin as a reserve asset for their state. Remember that even if they are given the power to govern their state, they still have to obey the central government of America which is currently not very friendly towards the adoption of crypto. But I welcome this move by the North Carolina legislature, because it is far better than not taking any steps towards the adoption of cryptocurrencies.

[avikz]

Oh no! It's a horrible news when a government body takes interest in holding a decentralised asset. This essentially means moving towards centralisation and that's something we must discourage at any cost. For the same reason I never find any value for the bitcoin network when corporates buy millions worth of bitcoins. This is bad for the market as such kind of hoarding of assets usually gives the corporates or governments the power to control the market at their own will.

[thecodebear]

It's pretty meh — it's just a study, like funding a thesis paper on bitcoin and digital currencies. It's not a bill that North Carolina will start holding bitcoin or something like that. Probably good(even when just slightly), but nothing close to major.

But whatever. Baby steps, I guess?

Yes exactly, baby steps, but that is what it takes. Not a thesis paper though, this says NC is looking into figuring out how they could potentially custody Bitcoin. It is the first step to the state potentially holding Bitcoin.

Yes nothing close to major news, but the first step in a process that may eventually lead to major news. It's more symbolic than anything. Even NC holding Bitcoin eventually isn't that big news for its effect on Bitcoin. It's not like NC would be holding a billion dollars of Bitcoin or something haha. But its symbolic that NC is saying they are looking into the idea of holding Bitcoin, which would be the start of states looking into holding Bitcoin.

[thecodebear]

Oh no! It's a horrible news when a government body takes interest in holding a decentralised asset. This essentially means moving towards centralisation and that's something we must discourage at any cost. For the same reason I never find any value for the bitcoin network when corporates buy millions worth of bitcoins. This is bad for the market as such kind of hoarding of assets usually gives the corporates or governments the power to control the market at their own will.

lol no that is not what it means. It seems like some people don't understand decentralization. Bitcoin is decentralized and is an open currency available to all. Not wanting certain sorts of entities to own Bitcoin means you want a censored Bitcoin, and therefore a centralized Bitcoin. You are promoting the idea of a centralized Bitcoin. This is good for the market and good for Bitcoin. You've got your ideas on what decentralized means twisted around. Many governments and corporations will one day be holding Bitcoin. Why? Because bitcoin is an extremely valuable monetary resource for humanity. They have every right to own it, just like you and I do.

I swear people get mad at the weirdest things when it comes to Bitcoin haha

[Cryptomultiplier]

The state house of North Carolina just passed a bill to study the idea of the state holding Bitcoin (as well as Gold).

https://cointelegraph.com/news/north-carolina-house-passes-bill-to-study-bitcoin-hodling


If this bill gets passed, and North Carolina does indeed start holding Bitcoin, that will be the start of what I see as inevitable - states/nations eventually holding bitcoin in reserve just as nations hold large amounts of gold in reserve. Hopefully they become the first state in the US to do this and others follow their lead. El Salvador of course has led the way for the world, but its good to see a US state starting to think about holding Bitcoin. States and nations will eventually join the race to accumulate bitcoin along with 'retail investors', the wealthy, financial firms, banks, and corporations.

While North Carolina is still planning on pushing this bill, perhaps just to be sure BTC and crypto trading is safe and positive for its citizens to invest in, the U.k has taken the bolder steps to approve crypto currency as a regulated financial service.
One thing I see is that once these bigger nations approve to the use of cryptocurrency, other countries would follow suit and then cryptocurrency will have the big break of massive success.

[Wimex]

Clearly it is still a study in itself, it must be remembered that in other states such as New York there has been a better receptivity to cryptocurrencies as when they launched BitLicense. But in different parts of the United States cryptocurrencies are not yet taken into account or they are simply being studied as the article dictates

As you yourself commented, El Salvador takes the reins when it comes to Bitcoin adoption, but it itself had to go through different complications to get there, in the last 4 years BTC has had a long list of countries that have wanted to replicate this idea, as is the case in India, which has had a great impact on the implementation strategy of cryptocurrency regulations. However, it can lead to centralization and control of these assets, which we don't want to happen

By the way, if anyone doesn't know what Bitlicense is, here is an article explaining what it is: https://www.capitalfundlaw.com/blog/newyorkbitlicense