New Hampshire Rep. Keith Ammon Proposes Bitcoin Investment for State Fund

New Hampshire State Representative Keith Ammon discusses the potential of diversifying state reserves into Bitcoin ETFs, citing significant possible returns.
New Hampshire Rep. Keith Ammon Proposes Bitcoin Investment for State Fund
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Key Takeaways

  • NH Rep. Keith Ammon discusses potential high returns from Bitcoin ETF investments.
  • Institutional interest in Bitcoin ETFs is growing, as noted by major asset managers.
  • Expert and community support highlight the fiduciary duty to consider Bitcoin.

Keith Ammon, representing parts of New Hampshire, has sparked discussions on social media about the benefits of investing state reserves in Bitcoin ETFs.

He suggested that a small percentage allocation from the state’s “rainy day” fund could have yielded substantial returns, reflecting on a hypothetical scenario where a 5% investment from the 2016 fund would now be worth nearly $473 million.

Explosive growth in Bitcoin attracts institutional interest

The proposal aligns with a growing trend of institutional Bitcoin investments, as highlighted by global financial giants like BlackRock and Fidelity.

Ammon referred to comments from Manuel Nordeste of Fidelity, who noted that major pension funds and banks are increasingly considering Bitcoin ETFs, indicating a significant shift towards digital assets among traditional financial institutions.

Political implications and expert reactions

The move to consider Bitcoin investments is part of a broader political shift, as exemplified by former President Trump’s recent pro-Bitcoin stance.

Reactions from the Bitcoin community and experts like James Lavish and Dennis Porter have been supportive, emphasizing the fiduciary duty to explore Bitcoin given the state’s financial challenges and Bitcoin’s potential.

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