In an important step for digital asset acceptance in the US, New Hampshire lawmakers have approved a bill to set up the first Bitcoin (BTC) and cryptocurrency reserve at the state level.

Legislation for Bitcoin Reserve

Governor Kelly Ayotte shared this announcement on social media platform X (previously known as Twitter) on Tuesday, declaring, “New Hampshire is once again First in the Nation!” The law allows the state to invest up to 5% of its public funds in precious metals and digital currencies, including Bitcoin.

The bill, referred to as “HB 302,” positions New Hampshire at the forefront of federal efforts to create a national Bitcoin reserve. Unlike the Trump administration’s proposal that suggested using existing government-owned Bitcoin without promising extra purchases, New Hampshire’s approach is more proactive. Supporters believe that buying BTC can act as a safeguard against inflation and economic uncertainty.

Crypto Reserve Efforts Struggle in Other States

Proponents of Bitcoin have consistently urged both federal and state governments to hold the currency in order to stabilize the economy and boost the asset’s value.

The approval of this crypto reserve bill is a significant milestone for New Hampshire, demonstrating the state’s willingness to adopt forward-thinking financial strategies.

On the other hand, similar initiatives for establishing crypto reserves have faced setbacks in states like Montana, Wyoming, North Dakota, and Pennsylvania. Recently, Florida also dropped its own reserve bill.

Currently, BTC is trading at $95,100, aiming to solidify this price as crucial support for a potential surge toward the $100,000 mark, which is considered a significant resistance level for the cryptocurrency.

Featured image courtesy of DALL-E, chart sourced from TradingView.com