North Dakota and New Hampshire Push for Bitcoin Reserves
North Dakota and New Hampshire have joined a growing number of U.S. states legislating to establish Bitcoin reserves.
The move reflects efforts to diversify state coffers in response to economic challenges inflation.
Bitcoin Reserve Notes Gaining Momentum in the U.S.
North Dakota lawmakers recently introduced a proposal to include digital assets and precious metals in the state’s investment strategy. House Concurrent Resolution 3001 directs the state Treasurer and Investment Commission to allocate certain key state funds, such as the General Fund and Legacy Fund, to these alternative assets.
The bill “encourages the Legislative Assembly to encourage the State Treasurer and the State Investment Council to invest a portion of the State’s General Fund, Budget Stabilization Fund, and Heritage Fund in digital assets and precious metals.” point out.
While the resolution avoids explicit mention of Bitcoin, the inclusion of the digital asset reflects Growing interest in cryptocurrencies as viable investments. Supporters argue that this approach can help protect state finances from economic pressures such as inflation.
Lawmakers have introduced similar legislation in New Hampshire to create National Bitcoin Reserve. Although the bill does not name Bitcoin directly, its requirements indicate that the top cryptocurrency will be the only one eligible for investment.
The legislation stipulates that only digital assets or stablecoins with a market capitalization of more than $500 billion in the past year are eligible for inclusion. In fact, Bitcoin is an obvious candidate as it is the only asset in this range.
Meanwhile, Bitcoin was not mentioned by name in either proposal, sparking debate within the crypto community. Critics see this as a loophole for incorporating other assets. Supporters, however, see this as a deliberate strategy to avoid political pushback.
Dennis Porter, a leading advocate for pro-Bitcoin policy, explains that technology-neutral legislation often paves the way for smoother policy adoption. This approach ensures that lawmakers have the confidence to approve measures without unnecessary controversy.
“Some states will require us to enact technology neutrality bills, which is common in policy. This is a way to reduce political friction. Some bills will be unique to Bitcoin and some will be based on market cap. We work with legislators to ensure They’re confident the bill will pass. We’ve been using this technology-neutral strategy for years, and it’s worked,” Porter said. explained.
Nonetheless, introducing these bills is consistent with Broader trends across U.S. states, including TexasFlorida, pennsylvaniaand Alabama, explore Bitcoin reserves. The efforts appear to be inspired by proposals from President-elect Donald Trump Establishing a national Bitcoin reserve.
Currently, the U.S. government holds approximately 200,000 Bitcoins, worth more than $18 billion, making it the largest nation-state Bitcoin holder in the world. However, the outgoing Biden administration has been given the green light Liquidated 69,370 Bitcoins worth approximately $6.5 billion seized from the Silk Road market.
Matt Hougan, Chief Information Officer, Bitwise suggestion The incoming government may re-acquire Bitcoin as part of a broader strategy to strengthen the country’s financial position in the global cryptocurrency space.
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