In a major development for the broader digital asset adoption in the US, New Hampshire legislators have approved a bill to create the first state-level Bitcoin (BTC) and cryptocurrency reserve in the United States.
New Bitcoin Reserve Legislation
Governor Kelly Ayotte announced the decision on social media X (formerly Twitter) on Tuesday, stating, “New Hampshire is once again First in the Nation!” This new legislation allows the state to invest up to 5% of its public funds into precious metals and digital assets, including Bitcoin.
The bill, known as “HB 302,” positions New Hampshire ahead of federal efforts to establish a national Bitcoin reserve. While the Trump administration proposed a reserve that would utilize existing government-owned Bitcoin, it failed to promise additional purchases.
In contrast, New Hampshire’s legislation reflects a proactive approach, aligning with advocates who believe that stockpiling BTC can serve as a hedge against inflation and financial instability.
Crypto Reserve Bills Stall In Multiple States
Bitcoin enthusiasts have long advocated for both federal and state governments to accumulate the cryptocurrency, arguing that doing so could stabilize the economy and enhance the asset’s value.
The recent passage of the crypto reserve bill not only marks a significant achievement for New Hampshire but also underscores the state’s commitment to embracing innovative financial solutions.
Conversely, bills aimed at establishing crypto reserves have stalled in jurisdictions such as Montana, Wyoming, North Dakota, and Pennsylvania. Florida also recently withdrew its own reserve bill.
At the time of writing, BTC trades at $95,100, attempting to establish this level as key support for a potential move toward the $100,000 milestone, the cryptocurrency’s most important resistance wall.
Featured image from DALL-E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link