Key Takeaways
- North Dakota legislators propose diversifying state funds into Bitcoin.
- Resolution 3001 aims to mitigate inflation by investing in digital assets.
- The measure mirrors similar proposals in New Hampshire and other states.
North Dakota has joined the growing list of U.S. states considering Bitcoin for its financial reserves.
On Friday, state legislators introduced Resolution 3001, proposing that the State Treasurer and Investment Board diversify key state funds by allocating them to digital assets and precious metals.
The resolution, sponsored by Representatives Nathan Toman, Matthew Heilman, and others, aims to mitigate the effects of inflation by adopting a broader investment strategy.
The resolution states:
Changing economic conditions and emerging investment opportunities require prudent investment of the state’s financial resources.
Comparison with other states
Unlike similar proposals in New Hampshire, which specify Bitcoin as the only eligible digital asset based on market cap, North Dakota’s resolution does not mention Bitcoin by name.
Legislative Council Director John Bjornson clarified:
The resolution encourages exploring different types of assets but doesn’t hold the force of law or define specifics.
Growing momentum
The resolution follows broader discussions among states like Florida, Texas, and Pennsylvania about strategic Bitcoin reserves.
Louisiana recently began accepting Bitcoin for payments, reflecting an accelerating trend toward Bitcoin integration in state finances.
Next steps
The proposal will be voted on Tuesday, with advocates stressing the urgency of adopting Bitcoin reserves to counter inflation and enhance financial resilience.
New Hampshire Representative Keith Ammon, who introduced a similar measure in his state, said:
The state that is last to build Bitcoin reserves will lose.
