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Coinpaprika 2025-01-11 15:51:28

New Hampshire and North Dakota Push for Bitcoin Reserves in State Funds

New Hampshire and North Dakota have put forward bills to establish Bitcoin reserves as part of their state treasuries. These measures adopt a tech-neutral approach , avoiding explicit mentions of Bitcoin, reflecting a strategic move to incorporate cryptocurrency into financial systems. The proposals align with the incoming administration's plans to integrate crypto into economic strategies, highlighting a growing trend among U.S. states. The aim is to diversify state funds to protect against financial risks like inflation. Lawmakers in North Dakota proposed including digital assets and precious metals in the state’s investment portfolio. House Concurrent Resolution 3001 encourages the allocation of state funds, including the general fund and legacy fund, into these alternative assets. Although Bitcoin isn't named directly, its dominant position in the crypto market makes it a likely candidate for inclusion. In New Hampshire, a similar proposal has been introduced to create a Bitcoin reserve. The legislation sets eligibility criteria, such as a market cap exceeding $500 billion over the past year or stablecoins, making Bitcoin the obvious choice as the only cryptocurrency meeting this benchmark. Critics worry the absence of Bitcoin's name could open the door for other assets, but supporters argue the tech-neutral approach is a deliberate strategy to reduce political pushback. Dennis Porter, a prominent advocate for pro-Bitcoin policies, explained that neutral language helps lawmakers approve such measures more easily, minimizing controversy. Porter emphasized that this approach has been effective in previous legislation. The trend of exploring Bitcoin reserves is growing, with states like Texas, Florida, Pennsylvania, and Alabama considering similar measures. These efforts may be influenced by President-elect Donald Trump’s proposal to establish a national Bitcoin reserve. Currently, the U.S. government holds about 200,000 BTC, valued at $18 billion, making it the world’s largest Bitcoin-holding nation. However, the Biden administration has received approval to sell over 69,000 BTC seized from the Silk Road , worth approximately $6.5 billion. Experts like Matt Hougan, CIO of Bitwise, suggest the incoming administration might reclaim Bitcoin as part of its financial strategy to strengthen the U.S. position in the global cryptocurrency market.

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