Yes, Bitcoin has officially entered the state government reserve system in the U.S., with New Hampshire being the first case, marking a potential new phase in the cryptocurrency reserve craze. Here are the key information and analysis:

I. New Hampshire Pioneers

  1. HB302 Bill Passed
    On May 7, 2025, New Hampshire passed the HB302 bill, becoming the first state in the U.S. to allow state governments to invest up to 5% of public funds in Bitcoin. The bill stipulates that the investment target must be assets with a market value over $500 billion, with only Bitcoin meeting this criterion, and the funds can be held through exchange-traded products or secure custody solutions.

  2. Policy Implementation Timeline
    The bill will take effect within 60 days after signing, with the state treasurer responsible for specific operations. Governor Kelly Ayotte emphasized that this move is an innovative attempt to "hedge against dollar risk."

  1. Proposed States

    • Texas: A bill has been proposed to allow the establishment of Bitcoin reserves through taxes and donations, requiring cold wallet storage for at least 5 years.

    • Pennsylvania: Plans to invest 10% of the general fund and emergency fund in Bitcoin, amounting to approximately $1 billion.

    • Ohio: A proposal grants the treasurer the autonomy to purchase Bitcoin.

  2. Potential Follow-Up States
    At least 5 states have proposed similar bills, and it is expected that other states may follow suit under federal policy guidance.

III. Background of Federal Reserve Policies

  1. Strategic Goals of the Trump Administration
    During his campaign, Trump proposed establishing a national Bitcoin reserve, and in March 2025, signed an executive order to include 200,000 seized Bitcoins (approximately $17 billion) in the strategic reserve, but has not yet significantly increased holdings.

  2. Federal and State Policy Differences
    The Federal Reserve currently relies solely on seized assets, while the New Hampshire bill allows for proactive investment, making state-level actions more groundbreaking.

IV. Driving Factors and Controversies of the Reserve Craze

  1. Supporters' Views

    • Hedging against inflation and financial risks: Bitcoin is seen as a new tool to combat the devaluation of traditional currencies.

    • Strategic Layout: The U.S. is attempting to compete for global cryptocurrency dominance through reserves.

  2. Opponents' Concerns

    • Volatility Risk: The extreme fluctuation of Bitcoin prices may threaten the safety of public funds.

    • Speculation Doubts: Critics argue that the reserve plan essentially aims to inflate coin prices to benefit early investors.

  1. Market Reaction
    If more states follow suit, it may accelerate the growth of Bitcoin demand, with institutions predicting its price may exceed $500,000.

  2. Global Demonstration Effect
    Countries like Brazil and El Salvador have proposed sovereign reserve plans, and the New Hampshire case may drive international competition.

  3. Corporate Linkage
    Amazon shareholders have suggested that the company hold Bitcoin to hedge against inflation, and the reserve craze may drive demand for corporate-level allocation.

Summary

The New Hampshire bill is a milestone, marking Bitcoin's transition from a private asset to an official reserve asset. Despite ongoing controversies, breakthroughs in state-level policies may trigger a chain reaction, further integrating cryptocurrencies into the mainstream financial system. Future attention should be paid to the legislative progress of other states and the synergistic effects of federal policies.