New Hampshire First State to Allocate 5% of Funds to Bitcoin

On May 7, Dennis Porter, Co-Founder of the Satoshi Action Fund (SAF), announced that multiple states in the United States are poised to potentially pass the Strategic Bitcoin Reserve Bill into law. This development follows New Hampshire's historic move to become the first state to enact such legislation, with Governor Kelly Ayotte signing HB 302. This bill, introduced by Rep. Keith Ammon, permits the state to allocate up to 5% of its funds into digital currencies, with Bitcoin being the primary asset due to its market capitalization exceeding $500 billion. The law mandates that the Bitcoin reserve be securely held in a state-controlled Multisig with a qualified custodian, and it also allows the state to gain exposure to Bitcoin through exchange-traded funds (ETFs).

New Hampshire's legislation, which was introduced in January and passed by the House in March, will take effect 60 days after the governor's signature. This proactive approach by New Hampshire contrasts with the federal government's stance, which has not yet committed taxpayers' money into Bitcoin despite President Donald Trump's Executive Order to establish a national crypto reserve. The state's decision to adopt a Bitcoin reserve aligns with broader discussions at the federal level regarding crypto adoption, potentially influencing other states to consider similar measures.

Dennis Porter, the founder of the Satoshi Action Fund, highlighted that New Hampshire's move is not just about passing a bill but about sparking a movement. He emphasized that the law provides protection for taxpayer money, diversifies reserves, and future-proofs state treasuries by embracing the most secure monetary network. This development could set a precedent for other states, such as Florida and Arizona, which have taken different approaches to their respective Bitcoin Reserve Bills. Arizona's Governor Katie Hobbs vetoed the legislation, while Florida indefinitely postponed two crypto-related bills. Despite these setbacks, the growing interest in digital assets as a reserve asset suggests that more states may follow New Hampshire's lead, potentially leading to broader acceptance of Bitcoin and other digital currencies in the financial landscape.