The bill proposing the creation of the state’s Bitcoin Reserve was passed Thursday by the New Hampshire House of Representatives.
The House vote for New Hampshire’s Bill HB302 was just 13 votes to allow the state’s Treasury to invest in precious metals and digital assets if passed, with 192 representatives voting for the bill and 179 votes.
The bill will now move to the New Hampshire Senate.
“We have to do with the US dollar whether we like it or not, but this allows the state to invest a little bit of it in this uncorrelated new asset class,” said Keith Ammon, representative of New Hampshire and bill proponent. I said it before Decryption.
The bill, proposed in January, allows the state’s Treasury department to allocate up to 5% of the state’s public funds to eligible assets. Based on the text of the House amendment bill. First suggestion It proposed an allocation of up to 10% of the state’s public funds.
These funds can be used on precious metals such as silver and gold, or “digital assets with an average market capitalization of more than $500 billion in the previous year.” “At this time of writing, only Bitcoins that meet that requirement are met.
New Hampshire Treasury Department has been transported Approximately $3.6 billion in funding As of the latest annual report, it means that the state can purchase up to $181 million worth of precious metals or Bitcoin.
If spent solely on Crypto’s top assets, today’s price is $79,755, giving Granite State a reserve of around 2,269 BTC. Bitcoin is down about 3.5% on a day basis with each data from Co Ringecko.
The bill shows that state-held digital assets must be held by qualified custodians and held by treasurers with secure custody solutions or through products traded from registered investment companies.
New Hampshire is one of many states. Consider Bitcoin Reservation Invoicesome of them have so far been unable to push them through their respective homes –Like Pennsylvania and Wyoming.
President Donald Trump signed the executive order Create a strategic Bitcoin Reserve For the US on March 6th.
Edited by Andrew Hayward
