Original Author: Fairy, ChainCatcher
Original Editor: TB, ChainCatcher
A historic step! Bitcoin has officially entered the state government's "vault".
Last night, New Hampshire became the first state to pass the Bitcoin Strategic Reserve Bill (HB 302), becoming the first state in the United States to incorporate Bitcoin into its official asset reserves.
This pioneering move is like the first flag, igniting the spark of financial landscape transformation, and the flame is spreading rapidly.
Small State, Big Ambition: Bitcoin Reserve Breakthrough
On the map of the United States, New Hampshire may not be prominent. This land is ranked fifth from the bottom in area, tenth from the bottom in population, with a 2024 actual GDP of about $96.5 billion, not considered a heavyweight among the 50 states. However, this small state has created a unique presence with its bold state motto "Live Free or Die".
New Hampshire has extremely high political symbolic significance, being the first stop for presidential primaries, viewed by media and politicians as an important political "touchstone" and bellwether. This openness in system and culture may be the key reason for its leading position in digital asset policies. Now, it has become the first state in the US 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 more like a signal flare, sending a clear policy signal to other states and encouraging more local governments to take substantial steps in the digital asset field. According to Bitcoin Laws data, currently 30 Bitcoin reserve bills are in progress across the US. Those with faster progress include: Arizona's SB 1373 has entered the final stage, North Carolina's H 92 and Texas's SB 21 are under review in the state senate; 9 proposals have been rejected.
Here is the latest progress of Bitcoin reserve legislation in US states (some states may have submitted multiple bills):
Source: bitcoin reserve monitor
Bitcoin Enters State Fiscal Asset "Friend Circle"
New Hampshire's HB 302 bill, based on the policy model proposed by Satoshi Action, 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 US-listed trading products to ensure security and transparency.
The bill authorizes the financial officer to purchase Bitcoin and other top digital assets, and allows reserves to purchase digital assets with a market value 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 to about $833, to be included in this reserve range.
To control volatility risk, the bill stipulates that digital assets can account for a maximum of 5% of state fiscal funds. According to crypto KOL Phyrex's estimation, based on New Hampshire's total budget of $15.4 billion, the potential funds available for digital asset allocation reach $770 million; even using the general fund size of $5.6 billion as a benchmark, there is still $280 million of investment space.
Source: Satoshi Action Fund
National Bitcoin Reserve Plan at Critical Moment
The US 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 launch the reserve plan and its specific implementation path. Currently, this important date has arrived, and the market and political circles are focusing on this potential policy turning point.
However, this plan is not without resistance, with Trump's crypto new policy facing fierce opposition from the Democratic Party.
On April 29, Democratic Representative Maxine Waters blocked the hearing of the Crypto Market Structure Bill.
On May 1, Democratic Representative 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 US financial system".
On May 4, 4 Democratic senators suddenly changed their stance, opposing the existing version of the Republican-led stablecoin bill 'GENIUS Act', demanding strengthened anti-money laundering and foreign issuer review. This change has dramatically increased the uncertainty of the bill.
In this context, Trump's Bitcoin strategic reserve plan is facing significant political pressure.
This collision between crypto assets and traditional fiscal systems may profoundly impact the financial landscape of the United States and even the world in the coming years. New Hampshire's pioneering step has set a benchmark for other local governments, encouraging more states to move towards a new era of digital assets. Although Trump's Bitcoin strategic reserve plan faces resistance from the Democratic Party and other parties, it continues to move forward.
An unprecedented policy and market transformation is unfolding.
