New Hampshire’s Big Step into Bitcoin
Big news for New Hampshire! The state’s Bitcoin bill has just passed a key committee with a whopping 16-1 vote[1][5]. This is a huge step towards using Bitcoin in the state’s finances, and it could inspire other states to do the same. Let’s find out more about this exciting development.
What’s in the Bill?
The bill, brought by Republican Keith Ammon and supported by Democrats Chris McAleer and Carry Spier, lets the state treasurer invest up to 5% of the state’s money into digital assets[1]. But here’s the catch: the digital assets must have been worth at least $500 billion on average over the past year. Right now, that means only Bitcoin qualifies[1]. The bill also allows investing in precious metals like gold, silver, and platinum[1].
Changes Made to the Bill
Originally, the bill suggested investing 10% of the money, but that was changed to 5%[1]. Also, the bill was updated to exclude stablecoins and staking, showing a careful approach to cryptocurrency investments[1]. Any digital assets bought must be kept safely and legally, either with a qualified custodian or in an exchange-traded product[1].
What Does This Mean?
New Hampshire is now one of several states thinking about using cryptocurrencies in their finances. Other states like North Carolina, Oklahoma, and Texas are also working on similar bills[1]. If New Hampshire’s bill succeeds, it might encourage more states to consider cryptocurrency investments, leading to wider acceptance of digital assets in the U.S.
What’s Happening Nationally?
This news comes at a time when there’s growing interest in cryptocurrencies at the national level. President Trump recently talked about creating a Crypto Strategic Reserve, which would include Bitcoin and other major cryptocurrencies[1]. This shows that digital assets are being taken more seriously as investment options.
Looking Ahead: A New Financial Frontier
The House committee’s approval of New Hampshire’s Bitcoin bill is a major step towards financial innovation[1]. As the bill moves to the full House for a vote, it represents not just an economic strategy for New Hampshire, but also a sign for other states considering similar moves. Using Bitcoin in state finances could lead to new ways of diversifying and advancing our financial systems.
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Sources:
– Cointelegraph
– The Automatic Earth
– ADVFN