Author: Deng Tong, Golden Finance

A new chapter in the history of cryptocurrency legislation. Is New Hampshire's move a "one and only" or a "fire that spreads uncontrollably"?

On May 6, New Hampshire Governor Kelly Ayotte signed a bill passed by the state legislature, making it the first state in the U.S. to allow its government to invest in cryptocurrencies like Bitcoin. Following this news, the crypto market surged, with BTC even poised to attempt the $100,000 mark again.

As of the time of writing, BTC is priced at $97,340.70, with a 24-hour increase of 3.2%. The entire crypto market is also experiencing a broad rise.

How does New Hampshire's bill differ from the executive order signed by Trump? What is the progress of cryptocurrency reserve bills in other U.S. states? Which countries have recognized the value of BTC and hold it in large quantities?

New Hampshire Governor Ayotte Opens a New Chapter in Cryptocurrency Legislation

On May 6, Ayotte announced on social media that New Hampshire would pass a bill allowing the state to "invest in cryptocurrencies and precious metals." House Bill 302 was introduced in New Hampshire this January, allowing the state's treasury department to use funds to invest in cryptocurrencies with a market cap exceeding $500 billion.

"The state of 'Give me liberty, or give me death' is leading the future development of business and digital assets," stated New Hampshire Republicans in a post on X on May 6.

With the signing of this bill, New Hampshire becomes the first state among several in the U.S. to consider establishing a strategic Bitcoin reserve through legislation, including an initiative in cooperation with the federal government.

What Are the Highlights of New Hampshire's Cryptocurrency Plan?

House Bill 302 is full of highlights:

• Allows the Treasurer to purchase Bitcoin and top digital assets—authorizing reserves to buy Bitcoin or any digital asset (currently only Bitcoin) with a market cap exceeding $500 billion.
• 5% of the total fund is allocated for holding Bitcoin—ensuring Bitcoin complements the state's broader investment strategy.
• Authorizes robust custodial oversight regulated by the U.S.—assets must be held by qualified custodians or through U.S. exchange-traded products to maximize security and transparency, with assets held under multi-signature control by the state.
• Effective 60 days after passage—a clear roadmap to activate the reserve program.

Looking back at the strategic Bitcoin reserve and digital asset reserve executive order signed by Trump in March, while this marked the formal inclusion of Bitcoin into the national strategic asset system, the market response indicated that the crypto industry was not very satisfied with Trump's executive order (limited to asset confiscation and not large-scale purchases): before the announcement, BTC had surged past $95,000, but immediately after the policy was released, it fell back to around $84,000.

In contrast, New Hampshire's bill allows the state treasury department to use funds to invest in cryptocurrencies with a market cap exceeding $500 billion. This marks a significant shift from confiscation and indirect purchases to direct purchases with real money.

What Is the Progress of Cryptocurrency Reserve Bills in Other U.S. States?

Reports in March indicated that North Carolina might allocate 10% of public funds for Bitcoin, aiming to establish a strategic reserve and incorporate cryptocurrency into its financial strategy; a similar bill in Arizona passed the state House in April but was vetoed by Governor Katie Hobbs on May 2; the Florida government withdrew two cryptocurrency reserve bills from consideration on May 3.

Currently, industry insiders are watching whether New Hampshire's legislation will inspire other states to follow suit.

Dennis Porter, co-founder of the Satoshi Action Fund (SAF), posted on X that the likelihood of multiple states in the U.S. passing strategic Bitcoin reserve bills into law has significantly increased today.

How Much Bitcoin Do Governments Hold?

As BTC continues to break previous records, more and more countries are recognizing the true value of Bitcoin and increasing their holdings.

According to Coingecko statistics, as of April 2025, governments around the world hold over 463,741 Bitcoins, accounting for approximately 2.3% of the total Bitcoin supply.

The top five countries holding BTC are: the United States, China, the United Kingdom, Bhutan, and El Salvador.

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