Bitcoin Surges 2.5% to $80,538 as Florida and New Hampshire Push for State Reserves

Bitcoin's price has surged past previous resistance levels around $78,500, now acting as support, and is currently trading around $80,538 with bullish momentum. This price movement comes as Florida and New Hampshire push forward with bold Bitcoin reserve bills, which could potentially drive the price even higher. The House of New Hampshire barely passed HB302, while HB487 received unanimous approval from Florida’s Insurance and Banking Committee. These bills aim to enable state treasuries to invest in Bitcoin, positioning crypto as part of a bigger fiscal strategy by means of public funds.

New Hampshire’s HB302 passed the state House by a close vote and now moves to the Senate. If signed into law, the bill would let the state treasurer allocate up to 10% of the general fund and other accounts to precious metals and select digital assets. The bill limits crypto investments to assets with a market cap above $500 billion; currently, only Bitcoin qualifies. Lawmakers debated the bill’s necessity, with critics questioning its security implications and supporters arguing for its economic potential.

On the same day, Florida’s House Insurance and Banking Committee approved a similar bill, HB487. It also permits allocating up to 10% of select state funds into Bitcoin and includes custody and investment structures provisions. The bill now faces two more committee votes before a full House floor reading. Together, these moves place both states alongside Arizona, Texas, and Oklahoma in the push to explore Bitcoin as a strategic hedge asset, highlighting the asset’s evolving role in public finance policy.

The legislative push in Florida and New Hampshire to include Bitcoin in their reserve portfolios is a significant development. These states are taking proactive steps to integrate Bitcoin into their financial systems, which could set a precedent for other states to follow. The potential for widespread adoption of Bitcoin as a reserve asset could have a profound impact on its price, as it would increase demand and reduce volatility.

The bullish momentum behind Bitcoin is not just limited to legislative efforts. The cryptocurrency market as a whole is experiencing a surge in interest and investment, with institutional investors increasingly looking to Bitcoin as a store of value. This trend is likely to continue as more states and countries explore the potential of Bitcoin as a reserve asset.

The legislative efforts in Florida and New Hampshire are part of a broader trend of governments and institutions recognizing the potential of Bitcoin. As more entities adopt Bitcoin as a reserve asset, its price is likely to continue to rise. The next target for Bitcoin, according to analysts' forecasts, is $85,000, as the momentum behind these legislative efforts gains traction. This price movement is a testament to the growing acceptance of Bitcoin as a legitimate asset class, and its potential to disrupt traditional financial systems.