Bitcoin has officially entered the state government's "treasury", will the reserve craze begin?

Author: Fairy, ChainCatcher

Edited by: TB, ChainCatcher

A historic step! Bitcoin has officially entered the state government's "treasury".

Last night, New Hampshire was the first state in the United States to include Bitcoin in its official asset reserves.

This pioneering move, like the first banner, ignited the spark of change in the financial landscape, and the flame was spreading rapidly.

Little State Ambition, Bitcoin Reserve Icebreaking Journey

New Hampshire may not be conspicuous on the territory of the United States. This land ranks fifth from the bottom in the United States and has a population of ten last. Its real GDP in 2024 is about US$96.5 billion, not a heavyweight player among the 50 states. However, this small state has created a unique sense of existence with a loud state training "Live Free or Die".

New Hampshire has extremely high political symbolism and is the first stop of the U.S. presidential primary election. It is regarded as an important political "touchstone" and weather vane by the media and politicians. This institutional and cultural openness may be the key reason why it is at the forefront of the country in digital asset policy. Today, it has become the first state in the United States to include "Bitcoin Strategic Reserve" in state policies, once again playing the role of a policy "icebreaker".

This legislation is not only symbolic, but also like a signal flare, sending clear policy signals to other states and inspiring more local governments to take substantial steps in the digital asset field. According to Bitcoin Laws data, there are currently 30 Bitcoin reserve bills in the United States being promoted. Among the fastest progress includes: Arizona's SB1373 bill has entered its final stages, North Carolina's H92 and Texas's SB21 are under consideration in the state Senate; nine other proposals have been rejected.

Here are the latest progress in Bitcoin reserve legislation in U.S. states (some states may submit multiple bills):

Source: bitcoin reserve monitor

Bitcoin enters the "circle of friends" of state fiscal assets

The HB 302 Act passed by New Hampshire is based on a policy model proposed by Satoshi Action and will officially take effect 60 days after its passage. Under the bill, all digital assets must be held through a state-controlled multi-signature wallet, a qualified custodian or a U.S.-listed trading product to ensure security and transparency.

The bill authorizes fiscal officials to purchase Bitcoin and other top digital assets, and allows reserves to purchase digital assets with a market value of more than $500 billion. At present, only Bitcoin meets this standard. According to token circulation data, Ethereum needs to rise to about $4,166 and SOL needs to rise to about $833 before it can be included in the reserve range.

To control the risk of volatility, the bill stipulates that digital assets can only account for up to 5% of state fiscal funds. According to crypto KOL Phyrex estimates, based on the total budget of New Hampshire of $15.4 billion, the potential funds available to allocate digital assets amount to $770 million; even based on the general fund size alone, there is $280 million in investment space.

Source: Satoshi Action Fund

National Bitcoin Reserve Plan is in critical period

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 execution report within 60 days to clarify whether to launch the reserve plan and the specific implementation path. At present, 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, and Trump's new cryptocurrency policy has encountered fierce opposition from the Democratic Party.

On April 29, Democratic lawmaker Maxine Waters blocked the Crypto Market Structure Act hearing.

On May 1, Democratic lawmaker Elizabeth Warren, who joined hands 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 reserves, warning that the plan "may pose a systemic threat to the stability of the US financial system."

On May 4, four Democratic senators suddenly changed their positions to oppose the existing version of the Republican-led stablecoin bill, the GENIUS Act, which calls for strengthening anti-money laundering and foreign issuer reviews. This shift has made the bill's outlook sharply increase.

Against this backdrop, Trump's Bitcoin strategic reserve plan is facing political pressure.

This collision between crypto assets and the traditional fiscal system may profoundly affect the financial landscape of the United States and even the world in the years to come. New Hampshire's first move sets a benchmark for other local governments and inspires 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 aspects, it is still moving forward.

An unprecedented policy and market change is underway.