New Hampshire Leads the BTC Strategic Reserve Race

It may not be the first BTC strategic reserve domino to fall, but it is a significant one nonetheless. In breaking news, Governor Kelly Ayotte of the State of New Hampshire just signed a bill into law enabling the state to stockpile Bitcoin. The HB 302 bill was signed into law yesterday, which marks a significant moment in the state’s history and may signal to other states the concerns New Hampshire has surrounding the current debasement of the US Dollar.

The specifics of the HB 302 bill allow for the New Hampshire Treasury to invest up to 5% of public funds into precious metals such as gold and silver, or digital assets that maintained a market cap of at least 500 billion in the previous calendar year.

By that metric, Bitcoin would be the only digital asset investable by the Treasury, considering its US$1.9 trillion market cap. As the digital asset and cryptocurrency ecosystem evolves and grows, other coins or tokens may come under consideration.

Sponsor of the HB 302 bill, Representative Keith Ammon, said in a targeted response, “If the federal government managed the dollar better, we wouldn’t need to be considering these things. But inflation is eating our lunch … and this is one little way our state [can] hedge against inflation in the future.”

Several other states within the United States have been considering the same strategic reserve of assets, including Bitcoin. Recently, Arizona passed its bill through both houses only to be vetoed by its governor. Other states, such as Florida and Wyoming, have paused or halted further consideration.

With growing concerns from citizenry, it may be only a matter of time before state governments, businesses and individuals are forced to seek safer harbours from the inevitable storm of currency printing and debasement sitting on our horizon.