$BTC New Hampshire is set to become the first U.S. state to establish a strategic Bitcoin reserve after the passage of New Hampshire House Bill 302 (HB 302), which authorizes the state treasurer to allocate up to 5% of public funds to Bitcoin and other digital assets. Dennis Porter, CEO of Satoshi Action Fund, announced this news on May 7.
Source: Dennis Porter
Bill 302, introduced in January, proposes allocating public funds to precious metals and high-quality digital assets with a market capitalization exceeding $500 billion, effectively paving the way for state-level Bitcoin investments. The market capitalization of Bitcoin is currently approximately $1.9 trillion, according to TradingView.
Under the new law, digital assets must be stored using highly secure custody solutions, either directly by the state through a state-controlled multi-signature wallet, by a qualified custodian, or through exchange-traded products (ETPs) regulated by the United States.
Dennis Porter, CEO and co-founder of Satoshi Action, said: "Satoshi Action drafted the model, New Hampshire enacted it into law, and now every state treasurer can follow this roadmap." "Bill 302 proves that you can protect taxpayer money, diversify reserves, and safeguard state treasuries for the future - all while embracing the most secure cash network on Earth. New Hampshire has not only passed a bill; it has ignited a movement."
The bill was supported by Representative Keith Ammon, an early advocate for Bitcoin and "Legislator of the Year" from Satoshi Action, along with Majority Leader Jason Osborne who helped steer the legislation to passage.
The law will take effect 60 days after its enactment, establishing a framework for the state to begin acquiring digital assets for its reserves.
