New Hampshire has become the first U.S. state to allow the investment of its public funds into %Cryptocurrencies such as %Bitcoin (CRYPTO: $BTC).
New Hampshire Governor Kelly Ayotte, a Republican who’s in her first year in office, signed a law on May 6 allowing the northeastern state to create a strategic crypto reserve.
The state beat several others that had been considering investing a portion of their public funds into cryptocurrencies that also include %Ethereum (CRYPTO: $ETH), XRP (XRP), and %Solana (CRYPTO: $SOL).
As the first government at any level to authorize its treasurer to set up a crypto reserve, New Hampshire could also beat the U.S. federal government to forming a Bitcoin stockpile, something President Donald Trump has promised.
The New Hampshire bill allows the investment of up to 5% of public funds into a digital asset that has at least $500 billion U.S. in market capitalization.
That requirement currently leaves Bitcoin as the only qualifying cryptocurrency.
State Republicans in New Hampshire boasted on social media that New Hampshire is “OFFICIALLY the first state to lay the groundwork for a strategic Bitcoin reserve.”
While several other U.S. states have considered strategic crypto reserves, they have all rejected the idea as too risky for public money.
Arizona’s governor recently vetoed crypto reserve legislation that passed in the State House, saying digital assets are too risky and could put public pensions in jeopardy.
Florida has also rejected creation of a crypto reserve despite intense lobbying in the state.
President Trump had called for his administration to set up its own Bitcoin reserve and a separate crypto stockpile, though the U.S. Treasury Department is still examining the issue.
Bitcoin is currently trading at $97,000 U.S., having gained 4% this year.
