On a recent Tuesday, Representative Keith Ammon stood before the New Hampshire House Ways and Means Committee to advocate for House Bill 302. This proposal seeks to grant the state treasurer the authority to invest in Bitcoin. In his address, Ammon highlighted the mounting debt of the United States and suggested that New Hampshire could leverage Bitcoin to combat the adverse effects of inflation.
Listening to Ammon speak, it became evident that he’s a fervent Bitcoin enthusiast — someone committed to enlightening his fellow New Hampshire legislators about the potential he sees in Bitcoin, a vision he embraced years ago.
After delving into a conversation with Rep. Ammon, it was confirmed that he indeed is a long-time supporter of Bitcoin. As a software developer and an outspoken advocate, he discovered Bitcoin two years post its creation and has been passionately championing its cause across New Hampshire ever since.
As both the founder of the New Hampshire Blockchain Council and a state representative leading the charge on three active Bitcoin and crypto bills, Rep. Ammon stands out as a notable proponent of Bitcoin in The Granite State. His journey to Bitcoin is quite remarkable.
In Tuesday’s hearing, Rep. Ammon’s passion was evident — he’s been in the Bitcoin space for a while, hasn’t he?
“Yes, that’s right,” he acknowledged. “My journey began back when I got involved with the Free State Project in 2004, which led me to relocate to New Hampshire. A few years later, I attended the Liberty Forum, an event by the Free State Project. In 2011, amidst tensions regarding the event’s direction, a group organized an alternative gathering called the ‘Alt Expo’. Intrigued, I attended, where I heard discussions about RipplePay — the precursor to what we now know as Ripple or XRP. While it initially didn’t resonate with me, it opened the door to learning about Bitcoin through continued conversations with that group. When Bitcoin was introduced to me a few months later, I realized this technology had the potential to change the world.”
Understanding Bitcoin wasn’t a challenging leap for Ammon. “With my background in software development and having explored works like ‘The Creature From Jekyll Island’ in my early 20s, Bitcoin’s concepts quickly clicked. It felt like a unique, transformative idea that spreads organically from person to person.”
Yet, winning over government colleagues proved more challenging. “In 2015, after being elected to the state legislature, we introduced a few Bitcoin-related bills, but back then, the concept was foreign to most people. I persevered, and now, Bitcoin’s mainstream presence has bolstered my credibility as an expert in our legislature. It’s heartening to see my peers now seeking my insights on Bitcoin.”
During Tuesday’s committee session, Ammon made a compelling case for using Bitcoin to hedge against the devaluation of the U.S. dollar. He pointed out the staggering $36 trillion national debt and warned of inevitable money printing to meet these obligations. This harsh truth doesn’t always resonate well with governmental peers, though there’s a faction in the legislature that appreciates the sound money principles similar to those favoring gold. Most people, unfortunately, see this financial storm approaching but prefer to ignore it. For those of us looking at alternatives, Bitcoin offers a way to safeguard against potential chaos, preserving personal wealth and state financial integrity.
The bill under discussion, HB302, aims to allow the state treasurer to invest in digital assets with a market cap exceeding $500 billion, which currently includes only Bitcoin. The strategic dialogue aims to prepare state officials for a time when Bitcoin becomes an undeniable solution to economic woes, ensuring they’re ready to act.
The proposed legislation has encountered some hurdles, primarily from skepticism about the role of Bitcoin, although exposure to successful models from other states is slowly changing minds. However, false narratives still plague Bitcoin’s perception, perpetuating myths about its use in illicit activities. The more our national discourse evolves, the more seriously stakeholders take Bitcoin.
If HB302 becomes law and the state proceeds with Bitcoin investments, initial steps would likely involve purchasing Bitcoin ETFs through reliable institutions like Fidelity. Though decentralized self-custody of Bitcoin would ultimately be ideal, concerns about securely managing digital keys might lead the state to favor institutional solutions.
One aspect seldom addressed in crypto legislation is the legality of crypto mixers. Amid ongoing scrutiny, Ammon asserts that financial privacy is essential. “It shouldn’t be possible for spending a few satoshis to expose your entire Bitcoin balance to a shopkeeper,” he remarks.
In conclusion, “The cryptocurrency space is rife with scams and confusion, but Bitcoin stands out for its transparency and integrity. As we dodge the myriad distractions from the crypto landscape, I firmly believe that Bitcoin’s truth will ultimately prevail.”
