The push to integrate Bitcoin into state financial systems is gaining momentum as New Hampshire and Florida advance legislation that would enable the creation of Bitcoin reserves using public funds.
The House Bill 302 (HB302) from New Hampshire passed on April 10 with a slim 192-179 vote. The bill now moves to the Senate for consideration. The bill will allow the state treasurer to invest 10% of the state’s general fund, among others, into specialized digital assets, as well as precious metals, if it becomes law. Still, the bill has a criterion. Crystals with over $500 billion market cap will be qualified, which is possible to be qualified only by Bitcoin.
Only Bitcoin has the ability to qualify for crystals with a market cap over $500 billion.oncern that the bill could limit the state’s ability to find flexibility for its digital assets. On the other hand, Republican Representative Jordan Ulery defended the bill as a smart investment for the future of New Hampshire.
Florida is also making progress in its legislation. Similarly, on April 10, members of the Florida House Insurance and Banking Committee approved HB487, which would allow the chief financial officer and the State Board of Administration to allocate as much as 10% of certain funds—such as the General Revenue Fund and the Budget Stabilization Fund—into Bitcoin.
The bill will allow investment through direct purchases, qualified custodians, and exchange-traded products. According to the bill sponsor, Representative Webster Barnaby, lawmakers have an opportunity to make Florida the first state to embrace new financial technology.
New Hampshire advances similar legislation through one chamber like Arizona, Texas, and Oklahoma. Florida is quickening the pace, even though it started later.
States are looking at Bitcoin reserves, which is leading to yet another wave of crypto-friendly public policy. These programs could change how state governments manage and grow public funds and reflect a growing acceptance of digital assets in finance. New Hampshire and Florida could lead to a change in how states manage money by being at the forefront of this movement.
