New Hampshire Makes History by Signing the Strategic Bitcoin [BTC] Reserve Bill Into Law

On May 6, New Hampshire signed the strategic Bitcoin [BTC] reserve bill into law, making it the first U.S. state to do so.

As reported by Governor Kelly Ayotte on X, the state governor hailed the moment, adding that it also made the state first in another category.

“New Hampshire is once again first in the Nation! Just signed a new law allowing our state to invest in cryptocurrency and precious metals. No other state has done this. We are charting a new course for economic prosperity.”

The bill, which was lifted from Satoshi Action Fund, saw strong opposition from state senators and had stalled for months. 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. A few days ago, I posted that we could be seeing the first state invest in Bitcoin by May 1. It seems that goal has been met.As reported by Governor Kelly Ayotte.

— Nate Geraci (@NateGeraci) May 6, 2024

Earlier this year, Arizona and New Hampshire were top contenders in the heated state race for the strategic BTC reserve. However, Governor Mark DuBois vetoed the bill in April, fibing that it would put retirement funds at risk.

The new legislation 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.