New Hampshire’s Bitcoin Reserve Bill: A Major Step Toward State BTC Adoption

The post New Hampshire’s Bitcoin Reserve Bill: A Major Step Toward State BTC Adoption appeared first on Coinpedia Fintech News

The Bitcoin reserve bill, tabled in the US state of New Hampshire by Republican Keith Ammon with the support of Democrats Chris McAleer and Carry Spier, has been cleared by a state house committee. This development has helped the state enter the list of pro-BTC reserve states like North Carolina, Oklahoma and Texas, which have also completed this stage of the BTC reserve law development process. Curious to know more? Read on! 

New Hampshire’s Bitcoin Reserve bill Progress 

The House Bill 302 has been passed by the House Commerce and Affairs Committee with an impressive vote pattern of sixteen to one.

The bill will be sent to the House for a full floor vote.  

What the Bill Allows?

The New Hampshire Bitcoin reserve bill enables the state to invest 5% of the general fund, the revenue stabilisation fund, or other state funds in BTC. Earlier, the bill proposed a 10% allocation plan, but the limit was later reduced to 5%. 

The bill stipulates that any BTC purchased must be held by a qualified custodian or in an exchange-traded fund. 

Notably, it also allows investments in gold, silver and platinum. 

Why Only Bitcoin Qualifies?

The bill requires digital assets to have an average $500 billion market capitalisation over the last year. 

The market capitalization of BTC stands at $1,818,844,481,172. The market cap of the second-largest crypto by market cap, Ethereum, is $276,335,550,823, and the third-largest, XRP, is $145,046,239,952. 

No crypto, other than Bitcoin, currently meets the stipulated requirement. 

Also Read :   New Hampshire’s Bitcoin Reserve Bill: A Major Step Toward State BTC Adoption   ,

Trump’s Crypto Reserve: An Overview 

US President Donald Trump

Donald Trump

Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election

President

has already announced his plan to create a Crypto Strategic Reserve. 

Since the induction, the Trump administration has induced several progressive policies, including the establishment of a crypto task force under the US SEC to create a clear crypto regulatory framework, to support the crypto industry. 

Currently, it is unclear which cryptos will be included in the reserve. 

Many industry leaders, like Bitwise CIO Matt Hougan, believe that the reserve will be dominated by Bitcoin. Some experts even think that it will be a BTC-only reserve.     

In conclusion, US states, like Utah and Arizona, have made considerable advancements in the process of creating a legal framework to support the BTC reserve plan.

With New Hampshire moving closer to adopting Bitcoin in state reserves, the full House vote will be crucial. If passed, this could mark another step toward state-level Bitcoin adoption while aligning with broader national crypto developments.