New Hampshire representative Keith Ammon (R) proposed a bill Friday that would allow the state Treasury to invest a portion of public money in digital assets and precious metals.
Not only would the move protect the Granite State from the threat of runaway inflation, but it would also connect with some of New Hampshire's cultural values, Ammon said. Decryption.
“The philosophy in New Hampshire is 'Live Free or Die' – leave me alone, and don't overburden me with too many regulations,” he said. “We are tied to the US dollar, whether we like it or not, but this would allow the state to invest a small portion in this new unrelated asset class.”
According to the text of the bill, the state treasurer would be able to allocate public funds to precious metals such as platinum and gold, as well as “any digital asset with a market capitalization of more than $500 billion on average over the calendar year before. “
Under these conditions, only Bitcoin it would be allowed now. But the bill includes language saying the financier can engage in a “loan or investment” with digital assets, referring to the process through which consumers proof-of-concept networks like Ethereum and Solana can win prizes.
The allocations would be capped at 10% of the state's public funds. As of June 30, the Treasury maintained a balance of $3.6 billion, according to a statement annual report.
Calling for the establishment of a strategic reserve, Ammon's bill echoes President-elect Donald Trump's announcements on the campaign trail last year. At a Bitcoin confab in Nashville last summer, Trump told attendees to “never sell your Bitcoin,” adding that the US would set up a Bitcoin stockpile.
At the time, Trump advocated using money seized by the US government to create the stock. Since then, Sen. Cynthia Lummis (R-WY). has been introduced The BITCOIN Act, which would allow the government to buy up to 1 million Bitcoins over five years.
Crypto OG is entrepreneur and former CEO of BitMEX, Arthur Hayes expressed doubt that Trump could quickly establish a strategic Bitcoin reserve. There are representatives in states like Texas, Pennsylvania, and Ohio as well proposed bills to create their own strategic Bitcoin reserves.
As for putting Bitcoin on New Hampshire's balance sheet, Ammon said he had a “very brief conversation” with New Hampshire State Treasurer Monica Mezzapelle about the bill yesterday, and he doesn't yet know if she's “committed” to the idea” still. .
Mezzapelle declined to comment Decryptionstating that she had not yet been able to review the text of the proposed bill.
Since 1920, New Hampshire has held the first presidential primary, allowing voters to weigh in on party candidates before other states. Ammon said Decryption therefore, therefore, there is no reason why New Hampshire should not be the first to create a Bitcoin reserve.
“The last state to pick up Bitcoin will lose,” he said. “It's urgent that states act sooner rather than later, and that will take some education from state officials.”
Edited by Andrew Hayward
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Source: https://decrypt.co/300444/new-hampshire-latest-state-consider-bitcoin-reserve
