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
Topic: North Carolina is pushing forward a bill to study holding Bitcoin (Read 261 times)
June 30, 2023, 02:04:17 PM
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.
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.
June 30, 2023, 12:30:27 PM
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
June 30, 2023, 12:24:00 PM
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?
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.
June 30, 2023, 08:57:47 AM
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.
June 30, 2023, 05:33:33 AM
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.
June 30, 2023, 05:22:22 AM
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 -
- 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.
June 30, 2023, 02:15:59 AM
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 -
June 30, 2023, 01:20:05 AM
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!
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!
June 29, 2023, 10:54:41 PM
This is a good move. Hopefully, the study can find more rewards than risks in holding Bitcoin as we know that it is a very volatile asset unlike gold which is moving slowly. Anyway, this is just a study but then again this shows that more and more institutions even coming from the government side are now showing strong interest on cryptocurrency and how they can be able to take a good ride with the waves. Well, the timing is right and hope they take a good move in getting some BTC as soon as possible.
June 29, 2023, 10:37:39 PM
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?
But whatever. Baby steps, I guess?
At the very least, it shows interest, a rather serious one I guess. It's the house of representatives. They're spending money for it. Quite a considerable baby step.
But this one will still have to go through another battle in the senate. After which, the governor will still decide whether to sign it or not. So, this is actually far from saying the state will be buying Bitcoin.
The mere fact, however, that the state's lower house is willing to spend money to study the potential benefits of holding Bitcoin speaks a lot. It's a huge recognition of Bitcoin's legitimacy.
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June 29, 2023, 10:19:37 PM
This part of the article is very unclear. I study Bitcoin for free with so many resources most of which are free or require just a little payment.
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.
But whatever. Baby steps, I guess?
Yes, the first baby step on a long road if they finally get to buy and hold bitcoin.
June 29, 2023, 10:10:18 PM
Isn't it necessary for Bitcoin to be considered a legal tender in the country before thinking about keeping Bitcoin as a reserve, or do laws in the United States allow governments to keep commodities as reserves?The countries that will adopt Bitcoin will increase in the coming years, but I do not expect that Bitcoin will be on this list during the next 50 years, and perhaps it will be the last country to consider Bitcoin as a reserve currency next to the dollar.
June 29, 2023, 09:56:42 PM
If this bill is passed, the bitcoin price will be as stable as gold, will slow growth still attract many investors???
This is good news if passed, bitcoin will always go up because the total supply of bitcoin is unaddable
Based on market structure, we are in a bullish market in the weekly time period. However, the volume has not been the same since 2021, creating a significant market momentum. And I believe that now is the moment to invest in Bitcoin. If the bill gets approved, I believe it will attract more investors, causing the price of Bitcoin to rise and possibly reach a new high potentially hit $37k. Technical analysis is effective, but Fundamental analysis goes beyond that. If this happens, it will be a fantastic news for Bitcoin. This is good news if passed, bitcoin will always go up because the total supply of bitcoin is unaddable
June 29, 2023, 08:38:32 PM
The state house of North Carolina just passed a bill to study the idea of the state holding Bitcoin (as well as Gold).
If this bill gets passed, and North Carolina does indeed start holding Bitcoin
No, if the bill gets passed, North Carolina state will do their study, not start to hold Bitcoin.If this bill gets passed, and North Carolina does indeed start holding Bitcoin
From study to another bill to hold Bitcoin for the state is a long procedure which won't be finished quickly. You can have more reasons to buy Bitcoin without such news because a high hope you have with such news, a more disappointment you will have later.
Rather than playing your emotion with such news, let's focus on fundamentals of Bitcoin and do your investment plan.
June 29, 2023, 08:13:39 PM
Nah, it's just small amount though, and I don't think that they can just come up with a conclusion that holding bitcoin is good.
Just like El Salvador, up to this day, there are still a lot of people who opposes Bukele's move specially when they started to lose money on their balance sheet. But what if bitcoin goes on a bull run next year?
How much is that $50k? - xxx,xxx or more? can they conclude then that bitcoin is the best asset to hold and not gold?
Just like El Salvador, up to this day, there are still a lot of people who opposes Bukele's move specially when they started to lose money on their balance sheet. But what if bitcoin goes on a bull run next year?
How much is that $50k? - xxx,xxx or more? can they conclude then that bitcoin is the best asset to hold and not gold?
June 29, 2023, 07:13:34 PM
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.
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.
It might seem like a small step for them to take, to some people here, but I think this study will become a fundamental building block which will serve as an example and foundation in the future. Science is definitely not going to make a bad call on Bitcoin holding since history shows us only positive things. I have never heard of a bad holding experience. Only when people sell at a loss or when centralized crypto exchanges are concerned, does Bitcoin seem to have a negative look in the news and social media. But thats all superficial and has no effect on the value of Bitcoin, long term.
June 29, 2023, 06:15:24 PM
Very unlikely a state of the United States of America would start to hold Bitcoin as part of their treasury, because in the end the federal government would rather people and institutions to stop adopting BTC in favor of their own centralized national currency, which I assume they expect to launch as soon as they can, like China.
So, they can study all they want and decide whether they want to hold certain asset, it does not mean much, at least, for now.
However, I won't deny that a state of the USA actually adopting BTC this way would be huge news.
So, they can study all they want and decide whether they want to hold certain asset, it does not mean much, at least, for now.
However, I won't deny that a state of the USA actually adopting BTC this way would be huge news.
June 29, 2023, 06:06:07 PM
If this bill is passed, the bitcoin price will be as stable as gold, will slow growth still attract many investors???
This is good news if passed, bitcoin will always go up because the total supply of bitcoin is unaddable
This is good news if passed, bitcoin will always go up because the total supply of bitcoin is unaddable
June 29, 2023, 03:52:25 PM
I don't think that it's a good idea to do something like this because it's a fact that Bitcoin is way more volatile than gold, and the volatility could be the cause of huge gains or losses within shot period as compare to gold. The gold isn't that much volatile and that's why it many not lose or gain a lot of value in short period. This type of experiment will favor gold if the crypto market dumps, and it will only favor Bitcoin if crypto market pumps. Such type of studies will most probably favor gold as a less volatile and secure asset.
It is a study so I do not think it is a bad idea. At least if they found that holding Bitcoin is beneficial to the states, they can escalate the study to realization of the states holding Bitcoin for future gain.
The result will most probably be in favor of gold because if this study is for short period, and unfortunately Bitcoin gets another dump in coming days then the value of their holdings that are in Bitcoin will be way lower than the ones they have in gold. Let's say if they have allocated $25k for gold and $25k for Bitcoin, and if an unsudden market crash takes place, and the value of Bitcoin goes back to $27k then the value of their holdings in Bitcoin will be $22,140, and that would be very low as compare to the holdings they have in gold.
Remember Bitcoin is about to enter the Bull run in the coming months. If the bill is approved before the bull run starts, it will surely outperform the gold market. There is no need for your worries, regardless if they see that Bitcoin is not a good investment, noting is lost there since they had been on that stance since the beginning but if Bitcoin performs well, and they acknowledge that Bitcoin is beneficial for the states then Bitcoin will gain something from the experiment and that is being adopted by a state and that will possibly bring FOMO to the market.
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