New Hampshire becomes the first US state to establish a cryptocurrency reserve

New Hampshire on Monday became the first state in the United States to establish a state cryptocurrency reserve.

Governor Kelly Ayotte celebrated the move by announcing on the social network X that she had signed a new law allowing her state to invest in cryptocurrencies and precious metals.

The law, known as H.B. 302, authorizes the state treasurer to invest up to 5% of state funds in precious metals and digital assets, provided they have a market capitalization of more than $500 billion.

The bitcoin will be the main asset used to build this reserve.

In a post on X, New Hampshire House Republicans celebrated the measure.

"New Hampshire is OFFICIALLY the first state to lay the groundwork for a strategic bitcoin reserve," they stated. They added: "The Live Free or Die state is leading the way in forging the future of commerce and digital assets."

Rejections in other states

Unlike New Hampshire, other states have faced obstacles to implementing similar legislation. In Arizona, Democratic Governor Katie Hobbs vetoed a bill that would have allowed seized crypto funds to be used to create a state reserve. This week, Florida withdrew two bills related to cryptocurrency reserves from its legislative session, while Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania and Wyoming also rejected similar initiatives, noted news portal The Hill.

A reflection of federal policy

New Hampshire's push coincides with efforts at the federal level led by the administration of President Donald Trump, who last March signed an executive order establishing a government bitcoin reserve, using cryptocurrencies already seized by law enforcement in operations against financial crimes.

The order also instructs the Treasury and Commerce Departments to develop strategies for acquiring more bitcoins, ensuring they do not generate additional costs for taxpayers.