Key Takeaways
- Roswell, NM launched the world's first municipal Bitcoin reserve.
- Over $5,000 in Bitcoin was donated, to be held for 10 years.
- Funds will support senior citizens and disaster relief post-2035.
Roswell, New Mexico has officially launched the world’s first municipal Bitcoin strategic reserve.
A ceremonial receipt marking the city’s acceptance of over $5,000 in Bitcoin donations was signed by Mayor Pro Tem Juliana Halvorson on Tuesday, establishing a fund dedicated to disaster relief and senior water bill stipends.
Proposal & legal backing
City Councilor Cristina Arnold proposed the idea after a column in the Roswell Daily Record sparked a $3,000 initial donation.
Donations have since grown to over $5,000, publicly trackable at the reserve’s wallet address.
Councilor Ed Heldenbrand and City Attorney Hess Yntema backed the plan, with Yntema confirming the city could legally accept Bitcoin as intangible personal property under New Mexico law.
Reserve management & utilization
The reserve mandates a 10-year holding period. After that, funds will be used to reduce water bills for senior residents.
If the reserve hits $1 million, up to 21% can be accessed for disaster relief every five years, pending unanimous city council approval.
Public & professional reception
The fund has drawn widespread attention, including praise from Sasha Hodder of Hodder Law Firm and a boost from State Senator Ant Thornton, who previously sponsored similar legislation at the state level.
Bitcoin Magazine and Bitcoin News have invited city leaders to speak at an upcoming conference.
Significance of the initiative
The initiative is notable for its grassroots, permissionless approach, without requiring a city council vote, and reflects a growing interest in Bitcoin-backed public funding strategies.
