- New Hampshire Senate advances HB302 for Bitcoin investment.
- Enables up to 10% public fund Bitcoin allocation.
- Draws mixed reactions from state legislators.
New Hampshire’s Senate committee approved the HB302 bill, allowing state funds to allocate up to 10% in Bitcoin. This marks a notable legislative push toward Bitcoin as a state reserve.
Despite opposition citing digital asset security risks, the bill’s passage underscores a growing interest in incorporating Bitcoin into state-managed reserves. Bitcoin remains the only eligible digital asset due to a $500 billion market cap threshold. Representative Jordan Ulery emphasized, “the potential for a large amount of money being earned by the state through these investments.”
New Hampshire’s Bitcoin Strategy Sets National Precedent
New Hampshire’s legislative action took a decisive step forward with the Senate Committee’s passage of HB302, which could significantly alter state treasury investment strategies. The bill, led by Representative Jordan Ulery, aims to diversify investments through the inclusion of Bitcoin, supported by a vote margin of 4 to 1. Representative Terry Spahr has voiced concerns over digital asset risks, stating it “could jeopardize the long-term security of the state’s digital asset holdings.”
The bill empowers the state treasurer to invest a portion of public funds into Bitcoin, a bold move that could encourage further institutional interest. The impact would be substantial once implementation begins, potentially influencing other states as they evaluate similar strategies for public fund diversification. Public discussion has highlighted the initiative as a groundbreaking financial strategy for state treasuries.
In the U.S., no state has directed a fixed percentage of reserves into Bitcoin, making New Hampshire’s move a significant precedent for state-level crypto adoption.
Market Data and Implications
Did you know? Historically, state-level adoption could influence broader market acceptance, providing vital fiscal policy case studies for future frameworks.
Bitcoin, listed at $92,492.39 on CoinMarketCap, accounts for a market cap of $1.84 trillion and a dominance of 63.65%. Despite a 1.13% drop in 24 hours, it shows a 9.75% gain over the week. Trading volume fell 36.19% in 24 hours, reflecting varying investor sentiment.
The CoinGape Media team notes that this legislative change might catalyze Bitcoin’s integration into public investment portfolios, potentially prompting further regulatory review.
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