Bitcoin’s price peaked at $96,978 amid optimism over US-China trade talks and the signing of a crypto reserve bill in New Hampshire. Governor Ayotte’s signing of HB 302 allows state investments in digital assets like Bitcoin, the only qualifying cryptocurrency. This move is seen as a way to guard against inflation as legislative pathways for secure management of these assets are established.
Bitcoin’s price soared to $96,978 on Wednesday, with a brief moment of crossing the $97,000 threshold earlier in the day. This sharp rise can be linked to a growing sense of optimism surrounding upcoming trade talks between Washington and Beijing. Such discussions are set to happen this weekend, generating interest in digital assets as investors look for signs of economic stability.
The sentiment surrounding Bitcoin and other cryptocurrencies is notably upbeat as the US Treasury Secretary, Scott Bessent, hinted at the unsustainable nature of current trade tariffs and barriers but clarified the US is not looking to “decouple” from China. That said, these discussions are seen as a potential turning point for market confidence.
On the legislative front, excitement swelled following New Hampshire’s Governor Kelly Ayotte signing bill HB 302 on Tuesday. This made New Hampshire the pioneer state in the US to establish a crypto reserve, allowing state investments in digital assets and precious metals. Ayotte proudly took to social media to announce that “New Hampshire is once again First in the Nation!”
The new law specifically enables the New Hampshire Treasurer to invest up to 5% of public funds into investment-grade cryptocurrencies and precious metals—like gold and silver. It stipulates that any cryptocurrency eligible for investment must have a market cap that exceeded $500 billion the previous year, which places Bitcoin in a unique position as the only qualifying digital asset.
State Representative Keith Ammon has expressed optimism regarding these developments, suggesting that the increasing federal monetary policies have sparked interest in alternative assets. He believes that diversifying into both digital and tangible assets could serve as a hedge against inflation in the current economic climate.
Importantly, the law provides several ways for the state treasury to manage digital assets. This could include direct custody through secure solutions, enlisting a qualified custodian, or even investing via regulated exchange-traded products from licensed firms. These options are designed to ensure security and compliance in the management of state funds, fostering further exploration into the world of digital currencies.
