While most retirees are focused on stability and safety, North Carolina lawmakers have other ideas. They’ve introduced bills that would allow billions of pension dollars to be dumped into crypto. Yes, crypto. The famously stable investment that never fluctuates wildly. That was sarcasm, folks.
The proposals, HB506 and SB709, would permit up to 5% of state retirement funds—roughly $6.45 billion—to be invested in various digital assets including cryptocurrencies, stablecoins, and even NFTs. Because apparently, GIFs of dancing monkeys are now retirement plans.
But wait, there’s more! A separate bill, SB327, goes even further by proposing a 10% allocation specifically to Bitcoin. That’s right. Double the crypto, double the fun. Or double the risk, depending on who you ask.
These aren’t isolated moves. Across America, 41 similar bills have been introduced in 23 states, with 35 still active. Even the federal government is creating a Strategic Bitcoin Reserve. Crypto fever is spreading through state capitals faster than gossip at a small-town diner.
Crypto fever isn’t just a North Carolina ailment—it’s becoming America’s new financial pandemic.
Proponents argue these investments could diversify portfolios, hedge against inflation, and position North Carolina as a financial innovator. The potential returns could be significant—if the crypto market cooperates.
Critics aren’t buying it. Warren Buffett has repeatedly warned against cryptocurrency investments. And let’s be honest, when the Oracle of Omaha speaks, ignoring him seems foolish. Opponents point to crypto’s notorious volatility, lack of intrinsic value, and regulatory uncertainty. Recently, State Treasurer Brad Briner discussed this controversial shift from lower-risk to riskier investment strategies with the SEANC Retiree Council.
The stakes couldn’t be higher. These are retirement funds we’re talking about. Money people have worked decades to earn. Not Monopoly cash.
If approved, an independent investment authority would oversee these crypto allocations, with secure custody solutions and risk assessments required. Cold comfort for retirees watching their future security tied to digital currencies.
Will North Carolina’s gamble pay off? Or will retirees end up wondering why their golden years are being bet on digital gold? Only time—and the wildly unpredictable crypto market—will tell.
The proposed legislation has significantly more chance of passing since it’s been submitted in both chambers, a strategic approach that mirrors similar legislative efforts in states like Indiana and Kansas.
One significant concern for retirees is the irreversible nature of crypto transactions, as an estimated private key loss has already trapped $140 billion in Bitcoin that can never be recovered.
