Key Highlights:
- New Hampshire and North Dakota propose tech-neutral bills to establish state-backed Bitcoin reserves, sidestepping direct mentions of the cryptocurrency.
- This push aligns with a broader trend among U.S. states exploring Bitcoin as a hedge against inflation and financial risk.
Paradisers! Could Bitcoin soon be part of your state’s treasury? New Hampshire and North Dakota are shaking things up with bills aimed at creating strategic Bitcoin reserves, signaling a major shift in how states manage their funds. But here’s the twist: these proposals cleverly avoid mentioning Bitcoin outright, opting instead for a tech-neutral approach to dodge political roadblocks.
Strategic Crypto Reserves: A New Trend in State Funds?
The goal is clear, diversify state funds to mitigate inflation risks while embracing the crypto economy. North Dakota’s proposal, House Concurrent Resolution 3001, suggests allocating state funds, including its general and legacy funds, into digital assets and precious metals. While Bitcoin isn’t named directly, its dominance in the crypto space makes it the obvious front-runner for such reserves.
Over in New Hampshire, lawmakers are taking a similar path with legislation designed to establish a Bitcoin reserve. By setting criteria like a market cap exceeding $500 billion, the bill practically rolls out the red carpet for Bitcoin as the only asset that meets the standard.
Why the Silence on Bitcoin? A Tactical Move
Critics argue that avoiding Bitcoin’s name might allow other cryptocurrencies to sneak in, but advocates insist this is a deliberate strategy. Dennis Porter, a leading voice for pro-Bitcoin policies, explains that using neutral language helps lawmakers approve these bills with less political resistance. It’s a classic case of “don’t name it, and they won’t fight it.”
A Growing Wave of State-Level Bitcoin Adoption
New Hampshire and North Dakota aren’t alone in this push. States like Texas, Pennsylvania, Florida, and Alabama are also considering similar measures. The movement seems to echo President-elect Donald Trump’s proposal to establish a national Bitcoin reserve.
Currently, the U.S. government holds over 200,000 BTC—valued at $18 billion—making it the world’s largest Bitcoin-holding nation. However, there’s a twist in the tale. The Biden administration recently gained approval to sell over 69,000 BTC seized from the Silk Road, worth $6.5 billion. Could this sell-off fuel the fire for Trump’s incoming administration to reclaim Bitcoin as a strategic asset?
The Bigger Picture
The crypto world is watching closely as U.S. states and federal entities toy with the idea of Bitcoin reserves. With Bitcoin’s resilience against inflation and its growing institutional acceptance, the case for including it in state and national financial strategies is only strengthening.
This could be the beginning of a massive shift in how governments approach digital assets. As these policies evolve, one question looms large: is Bitcoin about to go mainstream in America’s financial playbook?
