KEY FACT: New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves, becoming the latest to join other U.S. states to incorporate cryptocurrencies into financial strategies. Representative Keith Ammon's bill in New Hampshire refers to "digital assets" rather than explicitly naming Bitcoin, aiming for smoother passage. North Dakota's proposal, backed by 11 sponsors, has gained notable traction. These state-level initiatives follow Pennsylvania's recent efforts and align with national discussions, including President-elect Donald Trump's campaign promise to make America a leader in Bitcoin adoption.
Source: Seal of New Hampshire & North Dakota.
New Hampshire, North Dakota introduce Bills for Strategic Bitcoin Reserve
New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves. These bills are moves toward integrating digital assets into state financial strategies and diversifying the treasuries in New Hampshire and North Dakota. In New Hampshire, Representative Keith Ammon, a Republican from the 40th District, has introduced a bill that, while not explicitly mentioning Bitcoin, refers to "digital assets." This deliberate wording aims to facilitate the bill's passage by avoiding potential political friction associated with directly naming Bitcoin. Information on New Hampshire's bill was contained in a post on X platform by BTC Archive on January 10.
BREAKING: 🇺🇸 ‘Strategic Bitcoin Reserve’ bill presented in the State of New Hampshire. Source
Dennis Porter, CEO of the Satoshi Action Fund, noted that such terminology allows state lawmakers to advance the legislation more smoothly, depending on the state's political climate. In his words:
It’s not a “sneaky” way. Some states will require us to develop tech neutral bills which is very common in policy. It’s a way to reduce political friction. Some bills will be bitcoin exclusive, some will be based on market cap. We work with lawmakers to ensure they have confidence in the bill passing.
We have used this tech neutral strategy for years and it works.
Simultaneously, North Dakota has seen the introduction of similar legislation, championed by Representative Nathan Toman, Representative Josh Christy, and Senator Jeff Barta. Porter highlighted that the North Dakota bill has garnered significant support, with 11 sponsors already backing the proposal.
These developments follow a precedent set by Pennsylvania in November when the state's House of Representatives introduced legislation for a state-level Bitcoin reserve. This proposal was modeled after a plan from the Satoshi Action Fund, with Representative Mike Cabell advocating for Bitcoin as a hedge against inflation and economic instability.
National political discourse has further fueled the momentum for state-level Bitcoin reserves. During his presidential campaign, Donald Trump pledged to make America the leading nation in crypto and Bitcoin adoption, including a proposal for the Treasury Department to acquire a substantial Bitcoin stockpile. Following his election victory in November, industry advocates have been keenly observing whether President-elect Trump will fulfill this promise.
Opinions on the feasibility of a federal Bitcoin reserve are divided. Some, like Strike CEO Jack Mallers, suggest that Trump could enact an executive order to designate Bitcoin as a reserve asset immediately upon taking office. Conversely, others, including Galaxy Digital founder Mike Novogratz, express skepticism about the likelihood of such a development. Betting markets reflect this uncertainty; for instance, Polymarket indicates a 27% chance that Trump will establish a Bitcoin reserve within his first 100 days in office, down from 45% in November.
The introduction of these bills in New Hampshire and North Dakota will catalyze wider acceptance and recognition of digital assets within state financial frameworks. More states are expected to consider similar measures, and this will further strengthen the role of cryptocurrencies in public finance to reshape economic strategies at both state and national levels.
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