In US First, New Hampshire Governor Signs Strategic Bitcoin Reserve Bill Into Law

New Hampshire has become the first U.S. state to sign a strategic Bitcoin reserve (SBR) bill into law, marking a major milestone in the country's bid toward becoming a global cryptocurrency hub and the world leader in Bitcoin.

With the bill being signed into law by Gov. Kelly Ayotte, the state treasurer can now allocate some public funds to Bitcoin, becoming a first-mover in this aspect while other states wait for more progress on their respective SBR bills.

New Hampshire overtakes other states in Bitcoin reserve efforts

Dennis Porter, CEO of Bitcoin advocacy nonprofit Satoshi Action Fund, said Sunday that New Hampshire's move was a "landmark win" for the BTC community's efforts toward raising awareness about the crypto asset's store of value capabilities.

He noted how the state's SBR law was not only a first-mover milestone, but it also ensured that custodial arrangements for New Hampshire's Bitcoin holdings are robust.

"Assets must be held in state-controlled multisig, with a qualified custodian, or through a U.S. exchange-traded product—maximizing security and transparency," the nonprofit wrote in a press release.

Satoshi Action drafted the model that New Hampshire's SBR law was based on.

Gov. Ayotte has also confirmed her signing of the bill into law. "Just signed a new law allowing our state to invest in cryptocurrency and precious metals," she wrote over the weekend. "New Hampshire is once again First in the Nation!" she said.

Crypto reserve, but not really

Notably, Rep. Keith Ammon's H.B. 302 did not specify Bitcoin in the bill and only used language encompassing the broader digital assets sector. However, the bill specifically noted that the state should allocate some public funds toward "any digital asset with a market capitalization of over $500 billion averaged over the previous calendar year."

Without question and with data backing its position, Bitcoin is the only digital asset that passes the said provision. Neither Ethereum nor XRP, or any other crypto asset has reached the required market capitalization average.

Bitcoiners celebrate New Hampshire's big move

Prominent Bitcoin advocate Daniel Batten was among the many leading BTC figures to congratulate the state's leadership for adopting a Bitcoin reserve.

"Well done for taking the time to learn, understand and then act (in that order)," he wrote.

Well-followed crypto commentator MartyParty said Ayotte was now "in the history books" for signing the bill into law.

Many other leading figures in the Bitcoin community celebrated the news, including Blockstream Director of Marketing and Communications Fernando Nikolic and Bitwise Invest CEO Hunter Horsley.

Meanwhile, other states are moving slower in their strategic Bitcoin reserve dreams, including Utah, whose House has already passed an SBR bill, and Pennsylvania, which is also waiting for further progress, while Florida has decided to withdraw from the state SBR race.