The Bitcoin reserve bill in New Hampshire is advancing to the level of a vote following committee approval, placing the state among those with a progressive stance on Bitcoin.
Current Stages of the Bill
House Bill 302 has received positive feedback from the New Hampshire Commerce Committee with a vote of sixteen to one. It is set to be debated in the House for a full vote.
Key Provisions of the Bill
The bill allows the state to invest up to 5% of the general fund in Bitcoin. Initially, a 10% allocation was proposed but later reduced. Bitcoins must be held by a qualified custodian or in an exchange-traded fund. Investments can also be made in gold, silver, and platinum.
Why Only Bitcoin?
The bill requires digital assets to have an average market capitalization of $500 billion over the past year. Currently, only Bitcoin meets this requirement with a market cap of $1.8 trillion.
The Bitcoin reserve bill in New Hampshire could represent a significant step towards the legalization of this asset in US states. The upcoming House vote will be pivotal for its future adoption.
