New Hampshire and Florida are pushing forward with plans to hold Bitcoin as part of their state reserves. On April 10, New Hampshire’s House passed Bitcoin reserve bill HB302 in a tight 192-179 vote.
The bill is passed and now goes to the Senate. If Governor of New Hampshire Kelly Ayotte signs the bill, then it would enable the state to invest up to 10% of its general fund in Bitcoin and precious metals.
The bill only permits investment in digital assets with a market cap over $500 billion — a bar currently met only by Bitcoin. While some lawmakers raised concerns, Republican Representative Jordan Ulery backed the bill, saying it opens up the potential for the state to earn big returns.
Florida is also making moves. On the same day, Florida’s House Insurance and Banking Committee unanimously passed HB487, a similar Bitcoin reserve bill. It still needs approval from two more committees before reaching the House floor. The bill allows the state’s financial officials to invest up to 10% of key funds, like the General Revenue Fund, in Bitcoin.
The bill’s sponsor, Rep. Webster Barnaby, said it could put Florida at the “leading edge” of digital finance. The bill also outlines strict custody rules and allows Bitcoin investment through direct purchase or exchange-traded products.
According to Bitcoin Laws, Arizona is leading the race to become the first U.S. state with a Bitcoin reserve, followed closely by Texas, Oklahoma, New Hampshire, and Florida. It appears that the Bitcoin-backed state race is heating up fast.
Also Read: U.S. Government To Establish Bitcoin Reserve Today?
