A few years ago this idea would make you laugh. Today is the law. New Hampshire has just become the first US state to build a strategic reserve … in bitcoins. Yes, you read it right. Crypto is no longer only in the portfolios of geeks or insomia traders, it is officially invited to public accounts.
In short
- New Hampshire becomes the first US state to invest part of its public funds in bitcoins.
- Only digital assets exceeding $ 500 billion, such as Bitcoins, are entitled to the reserve.
- New Hampshire could inspire other states to integrate cryptos into its public financial strategy.
Small condition, big step for bitcoins
Governor Kelly Ayotte signed the law HB 302 6 May. Behind this somewhat austere name hides a gentle revolution: the treasurer of the state now has the right to invest up to 5 % of public funds in ‘ front digital assets ». There is no doubt about entertainment with the same or dark tokens. The law stipulates a clear rule: only assets with market capitalization are allowed to be more than $ 500 billion. To date, only one candidate leaves this: Bitcoin.
One might think that the state will store its Satoshis in the old book hidden under the office. But no. The text is square about the conditions of the guard:
- Multisign wallets;
- Approved depositors;
- ETF.
Everything thinks that public bitcoins are well maintained. New Hampshire wants to do this correctly, with rules worthy of a good portfolio manager. And it’s no coincidence: the idea is to add a rope to the state’s financial arc without undergoing misleading risks.
New Hampshire shows the way
This is not the first to try the experience. Florida, Texas, Arizona and some others were tested without succeeding. But there is verified, signed, acted. And on the side of Bitcoin fans it applauds. Dennis Porter of the action fund Satoshi speaks directly about ” Model ». The idea is simple: why let the dollar melt with inflation when you can store a little BTC in anticipation of uncertain tomorrow?
Maybe it’s, the background of history. Bitcoin begins to occupy that gold has long occupied collective imagination:
- The value of the shelter;
- Insurance in case of money crisis.
And if Salvador has done it official in its economy, in New Hampshire, it installs it as a strategic active. A way to say: ” We don’t run so far that we pay BTC taxes but we take it seriously ».
However, this progress could still push the regulatory authorities to clarify the rules in crypt matters, as Ryan Lee, the main analyst Bitget Research:
The New Hampshire law stimulates the adoption of cryptocurrencies at the state level (…), forcing the federal regulatory authorities to clarify the rules concerning cryptocurrencies in connection with concerns about the devaluation of the trust currency. Bitcoin volatility could slow down the development of regulations.
Clear? What looked like a crazy bet is gradually becoming a state strategy where the Czech Republic could also invest $ 7 billion. And it could be the beginning of the trend: other states, other countries could be inspired by this assumed bitcoin turn. So a simple glow or the beginning of a new budget era? We’ll watch it carefully.
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The world is evolving and adaptation is the best weapon that survives in this undulating universe. I am interested in everything about blockchain and its derivatives. To share my experience and promote an area that fascinates me, nothing better than writing informative and relaxed articles simultaneously.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.
