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New Hampshire Leads the Way in Bitcoin Reserve Bill

State Legislature Passes Bill to Allow Investment in Bitcoin

New Hampshire has become the latest US state to push forward a Bitcoin reserve bill, joining the growing trend of integrating the digital asset into state finances. On Wednesday, the state’s House Commerce and Consumer Affairs Committee passed House Bill 302 by a resounding 16-1 vote.

Bill Details

Introduced by Republican Rep. Keith Ammon, with co-sponsorship from Democrats Chris McAleer and Carry Spier, HB 302 does not explicitly name Bitcoin but notes how digital assets with a market capitalization of at least $500 billion would be eligible.

Given Bitcoin’s current market capitalization of $1.8 trillion, as per CoinGecko data, it is the only asset that qualifies under these criteria.

Background

New Hampshire’s move follows a broader trend of Bitcoin reserve legislation in states such as Utah, Texas, Arizona, and Oklahoma, where similar bills have gained momentum.

Utah’s Progress

Utah has made progress with its Blockchain and Digital Innovation Amendments bill, which proposes up to 5% of state funds to be allocated to digital assets, with Bitcoin as the primary candidate, as it follows similar criteria as New Hampshire.

Other States’ Progress

Texas is advancing two Bitcoin-related bills—one for investing 1% of general revenue funds and another for handling Bitcoin donations and payments. Oklahoma’s House Government Oversight Committee passed HB 1203, the Strategic Bitcoin Reserve Act, by a 12-2 vote. Arizona has already advanced its Bitcoin reserve bill, SB 1025, through the Senate Finance Committee.

Not All States On Board

However, not all states are on board. South Dakota, Montana, Pennsylvania, North Dakota, and Wyoming have rejected similar proposals due to concerns about Bitcoin’s volatility and its suitability as a public asset.

Conclusion

In conclusion, New Hampshire’s move to pass a Bitcoin reserve bill is a significant step towards mainstreaming the digital asset. As more states consider similar legislation, it will be interesting to see how this trend develops and whether other countries follow suit.

FAQs

Q: What is the current market capitalization of Bitcoin?
A: As of now, Bitcoin’s market capitalization is approximately $1.8 trillion.

Q: Which states have already passed Bitcoin reserve legislation?
A: Utah, Texas, Arizona, and Oklahoma have all passed similar bills.

Q: Which states have rejected similar proposals?
A: South Dakota, Montana, Pennsylvania, North Dakota, and Wyoming have rejected similar proposals due to concerns about Bitcoin’s volatility and suitability as a public asset.

Q: What is the purpose of the Bitcoin reserve bill?
A: The bill aims to allow the state to invest a small portion of its funds in Bitcoin, providing a hedge against inflation and diversifying its investment portfolio.