The US state of North Carolina has passed a bill to study the impact of acquiring Bitcoin (BTC) and its viability as a hedge against inflation.
While governments have been holding gold in their treasuries, Bitcoin enthusiasts believe that BTC will have a similar use case in the future. In fact, countries like El Salvador are already accumulating Bitcoin.
North Carolina Allocates $50,000 to Study Bitcoin
According to Dan Spuller, the head of the Blockchain Association, the North Carolina House of Representatives passed an HB721 bill to explore the impact of holding BTC.
The bill would allocate $50,000 to study if assets such as gold and Bitcoin could be used as a hedge against inflation. The downsides of Bitcoin holding would also be taken into consideration.
The North Carolina Bitcoin bill received 75 votes in favor and 38 votes against it. Spuller calls it a “very important step to a more formal acknowledgement of Bitcoin in North Carolina.”
The crypto community believes that more states should follow the example. Twitter user Gilbert Niyo wrote:
“Way to go. More states should follow the example. The more our politicians learn about Blockchain, innovation will change the US for the better.”
The development could be seen as a milestone for crypto adoption. However, North Carolina’s Buncombe County issued a one-year moratorium on crypto mining in April due to concerns about energy consumption.
Read our detailed guide on best mining methods here.
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