The New Hampshire House of Representatives passed a bill Thursday proposing to create a Bitcoin state reserve.
The House of Representatives voted on New Hampshire Bill HB302, if approved, would enable the State’s Treasury to invest in precious materials and digital assets. There was a 13-vote difference, with 192 members voting for and 179 against the bill.
Now the bill is on its way to New Hampshire Senate.
Keith Ammon is a New Hampshire legislator and the bill’s proposer. Previously told Decrypt.
The bill, which was proposed in January, would have allowed the State Treasury to allot up to 5% to the eligible assets. Text taken from House amended bill. The Initial proposal Amounts up to 10 percent of public funds may be allocated.
Those funds can be used on precious metals like silver or gold, or…"any digital assets with a market capitalization of over $500 billion averaged over the previous calendar year.” As at this time, Bitcoin is the only digital asset that meets these requirements.
New Hampshire’s Treasury is carried Around $3.6 billion worth of funds According to its latest annual report, the state can buy precious metals and Bitcoin worth up to $181,000,000.
At today’s $79,755 price, the Granite State would have a total reserve of 2,269 BTC. Data from reveals that Bitcoin has fallen by about 3.5% today. CoinGecko.
Bill states that all digital assets belonging to the state are held either by a custodian qualified, the treasurer who has a solution for secure custody, or through an exchange-traded product offered by a registered investment firm.
New Hampshire, one of the many States Bitcoin Reserve Bills, some of which have thus far failed to push them through their respective Houses—Like in Pennsylvania and Wyoming.
The Executive Order signed by President Donald Trump Create a Strategic Bitcoin Reserve On March 6, the United States is scheduled to celebrate its Independence Day.
Andrew Hayward is the editor
