New Hampshire Bill Proposes Investment In Bitcoin and Gold

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A bill put forth by New Hampshire Representative Keith Ammon is proposing that the state’s treasury be allowed to own Bitcoin and precious metals as part of its reserve assets. This legislation would enable the state to keep Bitcoin alongside conventional assets like gold, silver, and platinum, potentially making New Hampshire one of the pioneering U.S. states to explore this type of strategy.

Hampshire Bill Proposes Investment in BTC and Gold

According to Republican representative Keith Ammon’s proposal, the plan is to establish a multi-faceted “reserve” for the state, encompassing both physical and digital forms of currency. The intention behind this bill is to empower New Hampshire’s treasury to invest in Bitcoin and precious metals as part of its reserves.

As a result, this change signifies a significant transformation in how countries manage their financial resources, as cryptocurrencies become increasingly recognized and adopted.

The proposed bill outlines methods for ensuring the safety of digital assets, which are referred to as “secure custody solutions.” This implies that in order to minimize risks associated with storing digital assets, the state may need to collaborate with recognized “qualified custodians.” The legislation aims to tackle security and legal concerns, particularly relevant as more states consider strategies like El Salvador’s BTC purchasing approach involving cryptocurrencies.

Rising Interest in Bitcoin Reserves Across States

In a move mirroring strategies employed by states like Texas, Ohio, and Pennsylvania, New Hampshire is considering a plan that aligns with the growing trend of using Bitcoin as a form of reserve currency. The appeal for this approach has been increasing over the past year, coinciding with the rising acceptance and utilization of cryptocurrencies and decentralized finance solutions by more individuals.

During his presidential campaign, Donald Trump has also joined the conversation about cryptocurrencies, promising that under his leadership, the U.S. would take a dominant role in this digital currency realm. Previously, the Trump administration hinted at their ownership of approximately 207,000 Bitcoins, sparking similar state-level initiatives such as the one in New Hampshire.

In a statement shared on X, Dennis Porter, CEO of the Satoshi Action Fund, announced that a new bill has been proposed. As per Porter, this bill aims to establish New Hampshire as a progressive state by adopting digital assets and guaranteeing secure storage for them.

Global Interest in BTC as a Reserve Asset

Other countries, like Brazil and Poland, are not just considering but actively investigating the possibility of integrating Bitcoin into their government reserves. Some nations are even making moves to add cryptocurrencies to their national assets.

Significantly, Bhutan has revealed intentions to increase crypto usage within its Gelephu Mindfulness City (GMC) project. The country’s decision to include Bitcoin, Ethereum, and Binance Coin in its financial reserves underscores the rising worldwide recognition of digital currencies. Binance Co-Founder Changpeng Zhao commented that this move demonstrates an openness to vary reserve holdings beyond just Bitcoin.

If the bill gets passed, New Hampshire might lead the way in incorporating cryptocurrencies within its public financial infrastructure. Yet, it’s important to note that some politicians may express reservations due to concerns about the volatile nature of cryptocurrency prices and the security of digital asset storage systems.

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2025-01-11 00:10