Bitcoin officially enters the state government's "treasury," will a reserve boom begin?

Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

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

Last night, New Hampshire became the first state in the U.S. to pass the Bitcoin Strategic Reserve Bill (HB 302), incorporating Bitcoin into its official asset reserves.

This groundbreaking initiative, like the first flag, ignites the spark of financial transformation, and the flames are spreading rapidly.

Small State, Big Ambitions: The Icebreaking Journey of Bitcoin Reserves

On the map of the United States, New Hampshire may not stand out. This land ranks fifth from the bottom in area and tenth from the bottom in population, with a projected GDP of about $96.5 billion in 2024, making it not a heavyweight among the 50 states. However, this small state has created a unique presence with its bold state motto "Live Free or Die."

New Hampshire holds significant political symbolism as the first stop in the U.S. presidential primary, regarded by media and politicians as an important political "touchstone" and barometer. This openness in both system and culture may be the key reason for its leading position in digital asset policy nationwide. Now, it has become the first state in the U.S. to incorporate "Bitcoin Strategic Reserves" into state policy, once again playing the role of a policy "icebreaker."

This legislation is not only symbolic but also serves as a signal flare, sending a clear policy message to other states and encouraging more local governments to take substantial steps in the field of digital assets. According to Bitcoin Laws data, there are currently 30 Bitcoin reserve bills being advanced across the U.S. Among them, the Arizona SB1373 bill is in the final stages, while North Carolina's H92 and Texas's SB21 are under review in the state senate; another 9 proposals have been rejected.

Here are the latest developments in Bitcoin reserve legislation across U.S. states (some states may have submitted multiple bills):

Image source: bitcoin reserve monitor

Bitcoin Joins the "Circle of Friends" of State Financial Assets

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

The bill authorizes the treasurer to purchase Bitcoin and other top digital assets, allowing reserves to acquire digital assets with a market capitalization exceeding $500 billion. Currently, only Bitcoin meets this standard. According to token circulation data, Ethereum would need to rise to about $4,166, and SOL would need to rise to about $833 to be included in this reserve.

To control volatility risk, the bill stipulates that digital assets can account for a maximum of 5% of state treasury funds. According to crypto KOL Phyrex's estimates, based on New Hampshire's total budget of $15.4 billion, the potential funds available for digital asset allocation could reach $770 million; even using the general fund size of $5.6 billion as a benchmark, there is still an investment space of $280 million.

Image source: Satoshi Action Fund

National Bitcoin Reserve Plan at a Critical Juncture

The U.S. 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 implementation report within 60 days, clarifying whether to initiate the reserve plan and the specific implementation path. This important date has now arrived, and both the market and political circles are focusing on this potential policy turning point.

However, this plan is not without resistance, as Trump's crypto policy faces fierce opposition from the Democrats.

On April 29, Democratic Congresswoman Maxine Waters blocked the hearing for the "Crypto Market Structure Act."

On May 1, Democratic Senator Elizabeth Warren, along with five colleagues, submitted a 12-page letter to the Treasury Secretary criticizing the Trump administration's plan to incorporate crypto assets into the national strategic reserve, warning that the plan "could pose a systemic threat to the stability of the U.S. financial system."

On May 4, four Democratic senators suddenly changed their stance, opposing the current version of the Republican-led stablecoin bill "GENIUS Act," demanding stronger anti-money laundering and foreign issuer scrutiny. This shift has added uncertainty to the bill's prospects.

Against this backdrop, Trump's Bitcoin Strategic Reserve Plan is facing significant political pressure.

The collision between crypto assets and traditional financial systems may profoundly impact the financial landscape of the U.S. and the world in the years to come. New Hampshire's pioneering step sets a benchmark for other local governments, inspiring more states to move toward a new era of digital assets. Despite facing resistance from Democrats and others, Trump's Bitcoin Strategic Reserve Plan continues to push forward.

An unprecedented transformation of policy and market is unfolding.