The state of North Dakota is considering diversifying its assets into crypto and precious metals.
Legislators in the state drafted a resolution that seeks to mitigate the impact of inflation on North Dakota’s finances by diversifying its assets.
Digital assets and Precious metals are the two foremost investment vehicles considered in the resolution.
The official bill document states that the State Treasurer and State Investment Board have a responsibility to safeguard the state’s financial resources against the impacts of inflation and other economic uncertainties.
Hence the resolution was birthed to address the challenge of inflation and a decreasing purchasing power of the state.
Resolution 3001
Resolution 3001 was introduced by Representatives Nathan Toman, Matthew Heilman, Jared Hendrix, Daniel Johnston, SuAnn Olson, and Todd Porter, along with Senators Jeff Barta and Bob Paulson,
The resolution seeks to encourage the state of North Dakota to invest selected state funds in Digital assets and precious metals.
The resolution was directed to the State Treasurer and State Investment Board urging them to live up to their responsibility of shielding the state’s finances from inflation.
The resolution urged the two parties to respond to changing economic conditions by putting the state’s finances into useful investment.
WHEREAS, changing economic conditions and emerging investment opportunities require a prudent investment of the state’s financial resources ‘the resolution read.
Bitcoin Not Named
No crypto asset was named in the resolution introduced by Legislators in North Dakota. The United States is looking at a potential strategic Bitcoin Reserve under Trump and various states are keying into the momentum.
Resolution 3001 is expected to be voted on Tuesday. Until the bill is passed into law the development remains a symbolic gesture.
Many other states in the US are considering strategic Bitcoin reserves. They include Florida, Texas, Pennsylvania, Ohio, and New Hampshire.
According to Decrypt, Louisiana began accepting payments for services with Bitcoin and the USDC stablecoin in September last year.
