New Hampshire has become the first U.S. state to pass a strategic Bitcoin reserve (SBR) bill.
The bill (HB 302) was signed into law by Governor Kelly Ayotte earlier today.
It allows the state to buy Bitcoin and other leading cryptocurrencies whose market cap exceeds $500 billion. Up to 5% of state funds can now be allocated to crypto.
The law will take effect 60 days from now, meaning that the state will not be buying Bitcoin right away.
The trailblazing bill was introduced by longtime Bitcoin advocate Keith Ammon. He introduced a bill that would allow the state to accept Bitcoin all the way in 2016, but this attempt failed back then. He also sponsored a bill regulating decentralized autonomous organizations in 2023.
As reported by U.Today, Arizona was on track to become the first US state with an SBR bill. However, the effort was blocked by Governor Katie Hobbs.
The fact that New Hampshire is the first state to invest in Bitcoin is not surprising, given that it is known as the libertarian hub of the US. The state is known for having no state income tax or sales tax, strong hub rights, and decentralized local governance. Its House of Representatives is considered to be the most libertarian-focused legislature in the US.
It is worth noting that there are also ongoing efforts to pass similar bills in several other states.
Vladislav Sopov