The number of U.S. states supporting Bitcoin as a strategic reserve is growing: the North Dakota bill already has 11 supporters.
New Hampshire and North Dakota have joined the movement to adopt Bitcoin as a state strategic reserve after receiving legislative proposals in this direction.
According to Dennis Porter, CEO of the Satoshi Action Fund, New Hampshire’s proposal was introduced by Republican Representative Keith Ammon. The bill uses the broader term “digital assets” instead of explicitly mentioning Bitcoin, a strategic choice to facilitate the legislative process by avoiding potential political resistance, according to Porter.
It’s important to note that the bill allows investments only in cryptocurrencies with an average market capitalization exceeding $500 billion over the past 12 months or in stablecoins. This requirement makes Bitcoin the only cryptocurrency available for investment.
If approved, the Treasury could allocate up to 10% of total public funds to Bitcoin, approximately $360 million.
Meanwhile, North Dakota has introduced a similar proposal, backed by Representatives Nathan Toman and Josh Christy, along with Senator Jeff Barta. The bill has already garnered support from 11 lawmakers out of a total of 141 members.
With this bill, the proponents aim to safeguard the state’s financial resources against inflation and other uncertainties by encouraging investments in digital assets and precious metals.
This initiative is part of a broader movement, which also saw Pennsylvania take a similar step last November when Representative Mike Cabell introduced a comparable bill, emphasizing Bitcoin’s role as a hedge against inflation.
