Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
A historic step! Bitcoin has officially entered the "treasury" of state governments.
Last night, New Hampshire became the first state in the U.S. to pass the Bitcoin Strategic Reserve Bill (HB 302), incorporating Bitcoin into its official asset reserves.
This groundbreaking initiative is like the first flag, igniting the spark of financial transformation, and the flame is spreading rapidly.
Small State, Big Ambitions: The Icebreaking Journey of Bitcoin Reserves
On the map of the United States, New Hampshire may not stand out. This state ranks fifth from the bottom in land area and tenth from the bottom in population, with a projected GDP of about $96.5 billion in 2024, making it not a heavyweight player among the 50 states. However, this small state has carved out a unique presence with its bold state motto, "Live Free or Die."
New Hampshire holds significant political symbolism as the first stop in the U.S. presidential primary, regarded by media and politicians as an important political "touchstone" and barometer. This openness in both system and culture may be the key reason for its leading position in digital asset policy nationwide. Now, it has become the first state in the U.S. to incorporate a "Bitcoin Strategic Reserve" into state policy, once again playing the role of a policy "icebreaker."
This legislation is not only symbolic but also serves as a signal flare, sending a clear policy message to other states and encouraging more local governments to take substantial steps in the digital asset space. According to Bitcoin Laws data, there are currently 30 Bitcoin reserve bills being advanced across the U.S. Among them, the Arizona SB1373 bill is in its final stages, while North Carolina's H92 and Texas's SB21 are under review in the state senate; another 9 proposals have been rejected.
Here are the latest developments in Bitcoin reserve legislation across U.S. states (some states may have submitted multiple bills):
Image source: bitcoinreservemonitor
Bitcoin Joins the State Treasury Asset "Circle"
The HB 302 bill passed by New Hampshire is based on the policy model proposed by Satoshi Action and will officially take effect 60 days after passage. According to the bill, all digital assets must be held through multi-signature wallets controlled by the state government, qualified custodians, or U.S.-listed trading products to ensure security and transparency.
The bill authorizes the treasurer to purchase Bitcoin and other top digital assets and allows reserves to purchase digital assets with a market capitalization exceeding $500 billion. Currently, only Bitcoin meets this standard. According to token circulation data, Ethereum would need to rise to about $4,166, and SOL would need to rise to about $833 to be included in this reserve.
To control volatility risk, the bill stipulates that digital assets can account for a maximum of 5% of state treasury funds. According to crypto KOL Phyrex's estimates, based on New Hampshire's total budget of $15.4 billion, the potential funds available for digital asset allocation could reach $770 million; even using a general fund size of $5.6 billion as a benchmark, there would still be an investment space of $280 million.
Image source: Satoshi Action Fund
National Bitcoin Reserve Plan at a Critical Juncture
The U.S. National Bitcoin Strategic Reserve Plan is also at a critical moment. On March 6, the Trump administration issued an executive order requiring the Treasury Secretary to submit an implementation report within 60 days, clarifying whether to initiate the reserve plan and the specific implementation path. This important date has now arrived, and the market and political circles are focusing on this potential policy turning point.
However, this plan is not without resistance, as Trump's crypto policy faces fierce opposition from the Democrats.
On April 29, Democratic Congresswoman Maxine Waters blocked the hearing for the "Crypto Market Structure Act."
On May 1, Democratic Senator Elizabeth Warren, along with five colleagues, submitted a 12-page joint letter to the Treasury Secretary criticizing the Trump administration's plan to include crypto assets in the national strategic reserve, warning that the plan "could pose a systemic threat to the stability of the U.S. financial system."
On May 4, four Democratic senators suddenly changed their stance, opposing the current version of the Republican-led stablecoin bill, the "GENIUS Act," and calling for stronger anti-money laundering and foreign issuer scrutiny. This shift has significantly increased the uncertainty surrounding the bill's prospects.
Against this backdrop, Trump's Bitcoin Strategic Reserve Plan is facing intense political pressure.
The collision between crypto assets and traditional financial systems may profoundly impact the financial landscape of the U.S. and the world in the years to come. New Hampshire's pioneering step sets a benchmark for other local governments, inspiring more states to move toward a new era of digital assets. Despite facing resistance from Democrats and others, Trump's Bitcoin Strategic Reserve Plan continues to push forward.
An unprecedented transformation of policy and market is unfolding.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
