Bitcoin Reserve law passed in New Hampshire: Will other states follow?
After Arizona rejected its Bitcoin reserve bill, New Hampshire advanced and enacted a similar bill into law.
- New Hampshire plans to diversify 5% of its reserve to BTC and other digital assets.
- The passed Bitcoin law will be effective by July 2025; will others follow suit?
On the 6th of May, New Hampshire made history by signing the strategic Bitcoin [BTC] reserve bill into law. This made it the first U.S. state to advance such a bill into law, hailed Governor Kelly Ayotte. She said,
“New Hampshire is once again first in the Nation! Just signed a new law allowing our state to invest in cryptocurrency and precious metals.”
New Hampshire Bitcoin reserve
The bill was lifted from Satoshi Action Fund, a Bitcoin advocacy group. According to the advocacy firm, the passage allows the state to create a Bitcoin and Digital Asset Reserve Fund.
Per the passed bill (HB 302), the state can buy BTC or any other digital asset with a market cap above $500 billion.
The assets will be held via custodians or an ETF (exchange-traded fund) and capped at 5% of the total state funds.
For his part, ETF Store’s Nate Geraci praised the update as a warning shot to those who still believe ‘crypto is a scam.’
“And you still think crypto is a scam. Time to pay attention.”
Arizona and New Hampshire were top contenders in the heated state race for the strategic BTC reserve.
However, Arizona’s bill was vetoed by the governor, citing risks to retirement funds.
The New Hampshire Bitcoin law will take effect after sixty days. Simply put, the market will be eager to learn the amount the state will allocate for its first BTC buy by July 2025.
It remains to be seen whether North Carolina (NC) and Texas (TX) will follow suit.
