'First in the Nation': New Hampshire Passes Explosive Law to Buy Bitcoin With Taxpayer Funds

New Hampshire lawmakers recently voted to pass House Bill 302, which will allow the state to invest in precious metals and digital assets.

State Governor Kelly Ayotte wrote in a post on X, formerly Twitter, that New Hampshire is the first state in the US to establish its own crypto reserve. 'Just signed a new law allowing our state to invest in cryptocurrency and precious metals,' Ayotte said. State Representative Keith Ammon is the primary sponsor of the bill.

The bill, to become law in 60 days, will allow the state treasurer to use up to 5% of the state's public funds to invest in cryptocurrencies with a minimum market capitalisation of £376.72 billion ($500 billion). Only Bitcoin meets the market cap threshold.

A First For New Hampshire

'NH IS FIRST IN THE NATION,' NH House Republicans wrote in an X post, 'New Hampshire is OFFICIALLY the first state to lay the groundwork for a strategic bitcoin reserve. The Live Free or Die state is leading the way in forging the future of commerce and digital assets.'

The digital assets will be purchased and held by the state treasurer via a custody solution or exchange-traded product. The initiative is founded on a policy model built by the nonprofit Satoshi Action Fund, and is intended to safeguard taxpayer money, diversify state reserves, and overhaul its fiscal strategy.

'Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap,' said Satoshi Action CEO Dennis Porter. 'HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth. New Hampshire didn't just pass a bill; it sparked a movement.'

New Hampshire Bill Goes Beyond Federal Crypto Initiatives

New Hampshire's latest decision puts it ahead of the US federal government's crypto reserve plans.

US President Donald Trump's goal is to make America the crypto capital of the world and establish a national bitcoin reserve, which was supported by crypto investors and drove Bitcoin prices to record highs. However, the Administration included a clause that the reserve would be stocked only with bitcoin already owned by the government. Furthermore, there is no certainty that the government will purchase more of the digital asset.

Bitcoin enthusiasts suggested that both federal and state governments store the cryptocurrency to hedge against inflation and market volatility. While legislation to establish crypto reserves has been introduced in several states across the US, many have lost momentum as bills failed to advance in Montana, Wyoming, North Dakota, and Pennsylvania. Recently, Florida also decided to withdraw crypto reserve bills.

While Arizona recently passed a crypto reserve bill through both state chambers, Governor Katie Hobbs vetoed it. She argued that retirement funds are not the right choice for the state to try untested investments like digital currency.

Bitcoin prices have yet again surpassed the £75,345 ($100,000) mark in the past week, climbing over 7% to hover around £77,869 ($103,350) in mid-Friday trading.

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