New Hampshire’s Bitcoin Bill: A Comedy of Errors or a Financial Revolution?

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Ah, New Hampshire! The state that has now decided to dip its toes into the murky waters of Bitcoin reserves, as if it were a refreshing lake on a hot summer day. On the fifth of March, the House committee, in a fit of enthusiasm, cleared the proposal, much like a child clearing their plate of vegetables—reluctantly but with a sense of duty.

According to the ever-reliable Bitcoin Laws, House Bill 302, introduced by the ever-optimistic Republican Keith Ammon on January 7, passed the House Commerce and Consumer Affairs Committee with a resounding 16-1 vote. One can only imagine the lone dissenter, shaking their head in disbelief, muttering something about the good old days of cash and coins.

NEW HAMPSHIRE Update:

Bitcoin Reserve Bill HB302 has passed the House Commerce and Consumer Affairs Committee.

The vote was 16 – 1

— Bitcoin Laws (@Bitcoin_Laws) March 6, 2025

Now, what does this bill propose? It suggests that New Hampshire’s treasurer should invest up to 5% of the general fund, revenue stabilization fund, or any other legislatively authorized funds into eligible digital assets and precious metals. Yes, you heard it right—precious metals! Because nothing says “fiscal responsibility” like mixing shiny rocks with digital coins.

To qualify for this illustrious reserve, a cryptocurrency must have maintained an average market cap of at least $500 billion over the past year. And lo and behold, Bitcoin is the only asset that meets this lofty criterion. It’s like being the only kid picked for the team, while the others sit on the sidelines, sulking.

Initially, the bill had grander ambitions, proposing a 10% allocation and including stablecoins and staking options. But alas, an amendment came along and reduced the allocation to a modest 5%, like a diet plan that promises results but only delivers a salad. The stablecoins and staking options were cast aside, much like last season’s fashion trends.

Furthermore, HB302 insists that these assets must be held by a qualified custodian or in an exchange-traded product. Because, of course, we wouldn’t want our precious Bitcoin to end up in the hands of someone who thinks “blockchain” is a new type of breakfast cereal.

With the committee’s approval in hand, the bill now saunters off to a full House vote, where it will either be celebrated or met with the same enthusiasm as a lukewarm cup of tea. If it passes, it will then undergo yet another committee review before making its way to the Senate for a final vote. It’s like a never-ending game of legislative hopscotch.

Currently, only seven U.S. state bills, including our dear New Hampshire’s, have made it to the House level, according to Bitcoin Laws. Other states, such as North Carolina, Oklahoma, and Texas, are also in the Bitcoin game, while Utah and Arizona have already cleared this stage. Utah, in particular, is leading the charge, having approved the Blockchain and Digital Innovation Amendments bill (HB230) with a 4-2-1 vote. One can only imagine the excitement in the air, as if they were unveiling a new flavor of ice cream.

And let us not forget the grand spectacle that is the White House Crypto Summit on March 7, where Trump is set to unveil a Bitcoin reserve strategy. In a recent post on Truth Social, he hinted that the reserve could include altcoins like XRP, Solana, and Cardano, alongside the ever-popular Bitcoin and Ethereum. It’s a veritable buffet of digital currencies, and everyone is invited—whether they want to be or not! 🍽️

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2025-03-06 11:48