Seeds of Wisdom RV and Economic Updates Thursday Evening 4-10-25
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NEW HAMPSHIRE HOUSE PASSES STATE BITCOIN RESERVE BILL
The “Live Free or Die” state is one step closer to embracing Bitcoin after the House of Representatives passed a reserve bill.
A bill proposing the creation of a state Bitcoin reserve was passed by the New Hampshire House of Representatives on Thursday.
The House’s vote on New Hampshire Bill HB302, which if passed would allow the state’s treasury to invest in precious metals and digital assets, held a difference of just 13 votes, with 192 representatives voting for the bill and 179 voting against.
The bill will now move on to the New Hampshire Senate.
“We’re tied to the U.S. dollar, whether we like it or not, but this would allow us to have the state invest a small portion into this uncorrelated, new asset class,” New Hampshire Representative and bill proposer Keith Ammon previously told Decrypt.
Proposed in January, the bill would allow the state’s treasury to allocate up to 5% of the state’s public funds to eligible assets, based on text from the House’s amended bill. The initial proposal suggested an allocation of up to 10% of the state’s public funds.
Those funds can be used on precious metals like silver or gold, or…"any digital assets with a market capitalization of over $500 billion averaged over the previous calendar year.” Only Bitcoin meets that requirement, as of this writing.
New Hampshire’s treasury carried around $3.6 billion in funds as of its most recent annual report, meaning the state could buy up to approximately $181 million worth of precious metals or Bitcoin.
If spent only on crypto’s top asset, at today’s price of $79,755, that would give the Granite State a reserve of around 2,269 BTC. Bitcoin is down about 3.5% on the day, per data from CoinGecko.
The bill indicates that digital assets held by the state must be held by a qualified custodian, by the treasurer with a secure custody solution, or via an exchange traded product from a registered investment company.
New Hampshire is one of many states considering Bitcoin reserve bills, some of which have thus far failed to push them through their respective Houses—like in Pennsylvania and Wyoming.
President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve for the United States on March 6.
@ Newshounds News™
Source: Decrypt
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NORTH CAROLINA LAWMAKER INTRODUCES DIGITAL ASSET FREEDOM ACT
North Carolina joins the growing list of US states attempting to pass comprehensive digital asset bills as a hedge against inflation.
North Carolina (NC) representative Neal Jackson introduced the North Carolina Digital Asset Freedom Act on April 10. The bill proposes that qualifying "digital assets" be accepted as a legally recognized form of payment and for taxes.
Although the language of the bill does not specifically mention Bitcoin, there are several provisions laid out that make BTC uniquely qualified under the bill's definition of a "digital asset."
These stipulations include a minimum market capitalization of $750 billion and a daily trading volume of over $10 billion, a market history of 10 years or more, proven censorship resistance, proof-of-work consensus, lack of a central authority, 99.98% or more network uptime, and a maximum supply cap. The bill read:
"The General Assembly further finds that decentralized digital assets, which are not governed by any central entity or foundation, align with the economic principles of limited, noninflationary money and are capable of ensuring the security and integrity of transactions."
Jackson's bill is merely the latest in state-led Bitcoin strategic reserve legislation in the United States amid inflation concerns, high US federal debt and a depreciating currency.
North Carolina takes a firm stance against CBDCs
Former North Carolina Governor Roy Cooper vetoed a bill banning a central bank digital currency (CBDC) in July 2024. At the time, Cooper characterized the bill as "premature, vague, and reactionary" to threats that have not yet materialized.
In August 2024, the North Carolina House of Representatives overrode Cooper's veto in a definitive and bipartisan 73-41 vote.
The North Carolina Senate followed suit by overriding Cooper's veto in a 27-17 vote and passed the anti-CBDC legislation into law in September 2024.
Dan Spuller, the head of industry affairs at crypto advocacy organization the Blockchain Association, applauded the action taken by NC lawmakers to push back against the tide of CBDCs.
"This bill should have never been vetoed, and Governor Cooper blew an opportunity to send a strong message to the Federal Reserve that NC stands united against CBDCs," Spuller wrote in a Sept. 9 X post.
@ Newshounds News™
Source: CoinTelegraph
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BRICS: US DOLLAR IS NOW AN UNRELIABLE CURRENCY, SAY ANALYSTS
BRICS is doing everything to puncture the prospects of the US dollar as the White House is accused of weaponizing the currency. The bloc kick-started the de-dollarization agenda and is now convincing emerging economies to trade in local currencies. The alliance has been successful as many developing countries signed trade deals settling cross-border transactions in native currencies.
If the White House fails to import the dollar, the U.S. could enter a new era of hyperinflation. The US dollar needs to maintain its dominant position in the currency markets to make other countries absorb its deficit.
BRICS: The US Dollar Losing Its Reliability, Say BMO Analysts
Commodity analysts at BMO Capital Markets wrote that the US dollar is losing its sheen and BRICS is leveraging the development. The notion to push local currencies ahead for trade and transactions is easier now than ever before. “The US dollar is no longer seen as a reliable reserve asset,” wrote the analysts. The note added, “Looking at the broader picture, the combination of deficit spending, tariffs, and pressures on smaller nations has fueled market uncertainty. Increased uncertainty typically leads to lower interest rates for Treasuries but also causes turbulence in equity markets,” he said.
The recent stock market crash is also a cause of worry as investors lose trust in the trade sector. The note added that BRICS could also put gold forward and diversify their reserves more without the US dollar.
“Recently, we’ve seen heightened volatility and a meaningful decline in equities from their highs earlier this year. This underscores a fundamental question: What can people truly trust? The answer remains a physical metal, gold, which has preserved its value for thousands of years and has never been debased, unlike every currency in history.”
@ Newshounds News™
Source: Watcher Guru
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