In a new development in the crypto world, the New Hampshire House of Representatives approved a bill permitting the state to include Bitcoin in its financial coffers. This is a sign of growing interest among US lawmakers to explore the use of digital assets in public finances.

The bill, which was passed by a majority vote, permits the state treasurer to investigate the legal and fiscal ramifications of including Bitcoin in New Hampshire’s reserve reserves.  If the bill is passed, New Hampshire will be joining a small list of states, such as Florida, which is mulling a similar proposal, that are trying to include Bitcoin in its official budget.

A Potential Milestone for State-Level Bitcoin Adoption

According to Cointelegraph, on April 10, New Hampshire House lawmakers and Florida’s Insurance and Banking Subcommittee, voted for HB302, a bill which would enable the state to review Bitcoin and precious metals as options for its investment portfolio. The bill passed by a margin of 192-179 and will now be referred to the state Senate for further review. If signed and enacted by Governor Kelly Ayotte, the bill would enable the state treasurer to invest as much as 10% of the state’s authorized and general funds in chosen digital assets and metals.

Under the provisions of the bill, only digital assets worth over $500 billion could be invested in—a threshold currently reached by only Bitcoin. While the bill generated controversy, many representatives supported the move. 99bitcoins reports that a Democratic Rep. Terry Spahr was against the bill, citing the fact that the state treasurer has the authority to invest in alternative assets already. He also cautioned against investing state money in volatile cryptocurrencies. However, Jordan Ulery said he would support it because it could make the state tens of millions of dollars. 

Meanwhile, on April 10, Florida took another significant step in embracing digital assets when the state’s House Insurance and Banking Subcommittee unanimously supported HB487, a bill that would dedicate a percentage of public money to Bitcoin investments. 

The Crypto Times writes that the bill, introduced by Republican Representative Webster Barnaby, aims to allow Florida’s Chief Financial Officer and the State Board of Administration to invest as much as 10% of selected state-managed funds — such as the General Revenue Fund and the Budget Stabilization Fund — in Bitcoin.  Barnaby requested colleagues senators to pass the concept, explaining how it would place Florida in the vanguard of future finance technology.

Implications and Next Steps

If HB302 succeeds in passing through the New Hampshire Senate and then is signed by the governor, the state would be one of the first states to add Bitcoin to its reserve assets. This move may well serve as an example for other states to enact similar legislation, which could also impact the extended use of digital assets in government financing.

Arizona is now taking the lead in becoming the first U.S. state to have a Bitcoin reserve, followed closely by Texas, Oklahoma, New Hampshire, and Florida.  The war between countries to have Bitcoin-backed reserves is gaining momentum. As the bill advances, stakeholders will closely monitor its implications for the financial stability of the state, as well as the evolving role of cryptocurrencies in government investment portfolios.

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