Today in Crypto, New Hampshire greenlights state crypto investments and Binance founder Changpeng “CZ” Zhao forecasts Bitcoin could surge to $500,000–$1 million this cycle. Meanwhile, Florida scraps its Bitcoin reserve plans. New Hampshire governor signs crypto reserve bill into law New Hampshire became the first US state to allow its government to invest in cryptocurrencies including Bitcoin ( BTC ), after Governor Kelly Ayotte signed a bill passed by the legislature into law. In a May 6 notice, Ayotte announced on social media that New Hampshire would be permitted to “invest in cryptocurrency and precious metals” through a bill passed in the state Senate and House of Representatives. House Bill 302, introduced in New Hampshire in January, will allow the state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion, eliminating many tokens and memecoins. “The Live Free or Die state is leading the way in forging the future of commerce and digital assets,” said New Hampshire Republicans in a May 6 X post. Signing New Hampshire’s crypto reserve bill into law on May 6. Source: Governor Kelly Ayotte With the signing of the bill into law, New Hampshire becomes the first of several US states considering passing legislation to establish a strategic Bitcoin reserve, including an initiative with the federal government. A similar bill in Arizona passed the state’s House in April but was vetoed by Governor Katie Hobbs on May 2, and Florida’s government withdrew two crypto reserve bills from consideration on May 3. Binance founder CZ says Bitcoin could hit $500,000–$1 million this cycle CZ expects Bitcoin’s price to top at $500,000 to $1 million during this market cycle. During an interview with Rug Radio published on May 5, Zhao said that he expects Bitcoin to reach up to one million dollars during this market cycle. He also highlighted the role of Bitcoin spot exchange-traded funds (ETFs) in this rise, saying that the increasing institutionalization of Bitcoin is a good thing for the market: “There’s the ETFs. There’s this institutionalization of Bitcoin [ … ] it’s a positive in terms of price action, obviously. Our bags are up — not the alt‑coins as much, but at least Bitcoin is.” Zhao explained that the ETFs are “bringing the traditional institution money into crypto” and “most of the money in the US is institutional money.” He said that “Bitcoin is going up because most of the ETFs are Bitcoin-based.” Changpeng Zhao at Rug Radio. Source; YouTube Zhao also highlighted that governments are increasingly buying Bitcoin as well, which “is really good for the price action.” He also said: “It’s also very good validation.“ The remarks follow multiple countries accumulating Bitcoin. In late April, El Salvador, the world’s first country to adopt Bitcoin as legal tender, continued acquiring Bitcoin despite the International Monetary Fund’s comments claiming the opposite. In the seven days leading to April 27, the country acquired 7 BTC worth over $650,000 at the time. The country’s Bitcoin Office data shows that El Salvador currently holds nearly 6,170 BTC worth almost $580 million. The Kingdom of Bhutan is also accumulating Bitcoin. January reports suggested that a new economic hub in the country plans to set up a strategic cryptocurrency reserve comprising major crypto assets, including Bitcoin and Ether ( ETH ). Florida takes strategic Bitcoin reserve bills off the table Two Florida crypto bills have been removed from the legislative process in the latest blow to American state-level strategic Bitcoin reserve ambitions. Florida’s House Bill 487 and Senate Bill 550 have been “indefinitely postponed and withdrawn from consideration” on May 3, according to the Florida Senate. State strategic Bitcoin reserve legislation race. Source: Bitcoin Laws Florida’s legislative session adjourned on May 2 without the passage of these two bills, which would have advanced legislation to establish a crypto reserve for the state. The Senate and House agreed to extend the session until June 6 to address budget plans. Lawmakers passed about 230 bills during the session, dealing with things like prohibiting putting fluoride in the water, protecting state parks, and a school smartphone ban, but diversifying state treasury portfolios was not among them. HB 487 , which was introduced in February, would have allowed Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin ( BTC) . SB 550 was also filed in February to enable investments of public funds in Bitcoin.
