NH's Bitcoin Reserve: A US First

New Hampshire Leads the Way: First US State Bitcoin Reserve

New Hampshire has made history as the first US state to establish a strategic Bitcoin reserve. This follows the passage of House Bill 302 (HB 302), authorizing the state treasurer to invest up to 5% of public funds in Bitcoin and other digital assets.

Key Highlights:

• First-in-the-nation initiative: New Hampshire sets a precedent for other states considering similar crypto investments.
• Diversification strategy: The reserve allows for diversification beyond traditional assets.
• Market cap criteria: Only digital assets with a market capitalization exceeding $500 billion are eligible.
• Secure custody solutions: Digital assets will be held using highly secure methods, including state-controlled multisig wallets, qualified custodians, or US-regulated exchange-traded products (ETPs).

Dennis Porter, CEO of the Satoshi Action Fund, announced the news on May 7th. The bill, introduced in January, paves the way for state-level Bitcoin investments. With Bitcoin's current market cap around $1.9 trillion (according to TradingView), it comfortably meets the bill's requirements.

Representative Keith Ammon, a Bitcoin advocate and Satoshi Action’s “Lawmaker of the Year,” and Majority Leader Jason Osborne played key roles in the bill's passage. The law takes effect 60 days after passage.

Other States and Crypto Initiatives:

While New Hampshire leads the way, other states are exploring similar initiatives. Arizona recently saw its Bitcoin reserve bill vetoed, and Florida’s Bitcoin-related bills were withdrawn. The contrasting outcomes highlight the ongoing debate surrounding cryptocurrency adoption at the state level.

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