New Hampshire’s Big Step into Bitcoin
Get ready for a major change in New Hampshire’s financial scene! The state’s Bitcoin bill just got a big thumbs-up from the House Commerce and Consumer Affairs Committee, with a whopping 16-1 vote[1][5]. This is a huge step towards welcoming Bitcoin into the state’s financial world, and it might inspire other states to do the same. Let’s find out more about this exciting news.
What’s in the Bill?
The bill was brought by Republican Keith Ammon and supported by Democrats Chris McAleer and Carry Spier. It allows the state treasurer to invest up to 5% of the state’s money in digital assets[1]. But here’s the catch: only digital assets that have been worth at least $500 billion on average over the past year are eligible. Right now, that means only Bitcoin fits the bill[1]. The bill also includes plans to invest in precious metals like gold, silver, and platinum[1].
Changes Along the Way
The bill started with a plan to invest 10%, but that was changed to 5%[1]. Also, the bill was updated to leave out stablecoins and the chance to earn more cryptocurrency through something called ‘staking'[1]. Any digital assets the state buys must be kept safe by a professional or in a form that can be traded on an exchange[1].
What Does This Mean?
New Hampshire is now one of several states thinking about using cryptocurrencies in their financial systems. Other states like North Carolina, Oklahoma, and Texas are also working on similar bills[1]. If New Hampshire’s bill becomes a reality, it could encourage more states to consider investing in cryptocurrencies, which might lead to more acceptance of digital assets in the U.S. financial world.
What’s Happening Nationally?
This news comes at a time when there’s more interest in cryptocurrencies at the national level. President Trump recently shared plans for a Crypto Strategic Reserve, which would include Bitcoin and other major cryptocurrencies[1]. This shows that digital assets are being taken more seriously as investment options.
Looking Ahead: A New Financial Frontier
The House committee’s approval of New Hampshire’s Bitcoin bill is a big deal[1]. As the bill moves to the full House for a vote, it represents not just a potential economic strategy for New Hampshire, but also a sign of things to come for other states thinking about similar moves. Welcoming Bitcoin into state financial systems could bring in a new era of diverse and tech-savvy financial strategies.
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Sources:
– Cointelegraph
– The Automatic Earth
– ADVFN
