On Tuesday, Representative Keith Ammon spoke before the New Hampshire House Ways and Means Committee regarding House Bill (HB) 302, a proposal that would allow the state treasurer to invest in bitcoin.
During his address, he highlighted the United States’ mounting debt and advocated for New Hampshire to invest in bitcoin as a strategy to counter the damaging impacts of inflation.
Listening to his argument, I got the impression that Rep. Ammon is a dedicated Bitcoiner, a true believer working hard to persuade his fellow legislators in the state he loves to appreciate the potential he likely recognized in bitcoin long ago.
After my discussion with Rep. Ammon, I’ve confirmed that this is indeed the case.
The software developer and self-proclaimed “Bitcoin maxi” (who concedes he also sees value in other blockchain projects) discovered Bitcoin two years after its inception and has been promoting it throughout New Hampshire ever since.
As the founder of the New Hampshire Blockchain Council and a state representative leading the charge on three active Bitcoin- and crypto-related bills currently in the legislative process, Rep. Ammon stands out as one of the most prominent Bitcoin advocates in The Granite State.
And the tale of his bitcoin discovery is quite remarkable.
From your remarks during Tuesday’s committee hearing on HB302, it seems you’re a long-time Bitcoiner. Is that accurate?
Yes, I’ll take you back a bit. I first heard about the Free State Project in 2004, which prompted my move to New Hampshire. A few years later, I attended the Liberty Forum, an annual event by the Free State Project. In 2011, a group of anarchists who were unhappy with the forum’s corporate agenda rented some hotel rooms to host their own event called the “Alt Expo.” I randomly walked into one of those rooms—there were maybe six attendees—and they had a slide show discussing the precursor to Ripple, or XRP, known as RipplePay. This was before blockchain, but it was a node-based system for lending money with IOUs circulating back and forth. It didn’t resonate with me at the time. However, I stayed in contact with that small group, and a few months later, Bitcoin emerged in our discussions, and I thought, “Wow, this is incredible. This is the thing that will change the world.”
Did you understand it right away?
With my software development background and having read The Creature From Jekyll Island in my early twenties, I was somewhat prepared to grasp the concepts of Bitcoin, and the light bulb lit up for me early on. I already understood large, abstract systems, which essentially describe Bitcoin. Plus, the underlying game theory is fascinating. Bitcoin acts like a virus that spreads through the human psyche from one person to another.
What has it been like to promote Bitcoin to other government members?
Fast forward to 2015—I was elected to the state legislature. We attempted to propose several Bitcoin-related bills back then, but few people understood Bitcoin. I remained persistent, and now I’ve become a subject matter expert within our legislature. As I enter my fifth term, Bitcoin has gained more acceptance. Other politicians in New Hampshire reach out to me when they hear positive news about Bitcoin, as well as negative updates. However, lately, positive news has become more frequent, making it easier to update the legislature.
You have made significant steps in shifting the Overton window for Bitcoin in New Hampshire. During Tuesday’s committee hearing, you mentioned using Bitcoin as a tool to protect against U.S. dollar depreciation. You pointed out that the U.S. federal government is $36 trillion in debt and that more money will have to be printed to meet those obligations. How do government members respond when you present such stark realities and propose Bitcoin as a solution?
The national debt is a harsh truth that many overlook. There are certainly several gold advocates in our legislature who subscribe to sound money principles. However, most legislators and people in general perceive the national debt as an approaching asteroid—we know it’s coming, yet we still have to go about our daily routines. This situation leads to a tendency to avoid focusing on it since it’s such an overwhelming issue. If it escalates, it could lead to widespread chaos. We want to avoid that outcome, and we see Bitcoin as an alternative. You can choose to adapt and protect yourself from potential fallout. Even if society begins to crumble, you can mitigate some consequences and safeguard your sovereignty and wealth. My focus is on the state; the discussion on Tuesday revolved around authorizing the state treasurer to invest in digital assets with a market cap of at least $500 billion. We’re striving to foster conversations within state government so that as Bitcoin becomes more recognized as a solution to inflation or national insolvency, members of the government are receptive to the message.
I imagine it’s easier to get politicians to acknowledge the problem than it is to convince them that Bitcoin offers a solution. Are you facing substantial pushback on HB302?
For that specific bill, we collaborated with the Satoshi Action Fund. I’ve built a friendship with Dennis Porter and Eric Peterson. We initiated our efforts with one of their model pieces of legislation. Our first step was to meet with the state treasurer. Dennis and his team, along with a few members from the Blockchain Council, convened in her office to discuss it. While she wasn’t entirely familiar with Bitcoin, she expressed an openness to learn more. She noted that her colleagues in other states are beginning to discuss digital assets. After that conversation, we refined the bill. We made amendments in the Commerce Committee, where it was first reviewed. Afterward, we reconsulted with the state treasurer on the amendments. She indicated that while the state treasury department might not invest in Bitcoin immediately, having it available as a potential asset was a positive idea.
HB302 states that only digital assets with a market cap exceeding $500 billion can be included in the reserve. Currently, only Bitcoin meets this requirement. What was the rationale behind selecting this figure, and do you anticipate other digital assets being added in the future?
We need to establish a threshold to avoid the impression that the state treasurer could invest in meme coins. However, we can’t specify “Bitcoin” in the legislation.
Why is that?
Doing so could be perceived as favoring particular assets unfairly. Good legislation should remain objective and impartial.
What do you think are the chances of HB302 passing?
It’s likely to pass the House, and then it will go to the Senate. I believe there’s a better than 50% chance it will clear the Senate. However, when the House passes certain bills, senators often tack on their own priorities once the bill arrives. This inter-chamber dynamic can sometimes lead to bills being stalled or even failing.
Are New Hampshire politicians taking the notion of a Bitcoin or digital asset reserve more seriously now that they’re seeing similar proposals emerging from other states?
I’m not sure. Only a handful of legislative members are really paying attention to this. I emphasize in my testimony that being the last to embrace Bitcoin can be detrimental. In other words, we don’t want to be the last state to invest in Bitcoin, as its value can appreciate significantly while we wait, especially if other states start making purchases sooner. Skepticism surrounding Bitcoin remains, along with various misconceptions—like its energy consumption potentially destroying the planet or its association with illicit activities. These narratives continue to circulate, and many newcomers dismiss Bitcoin quickly to avoid engaging with complex ideas. This pattern also appears within our legislature. However, with the Trump administration now discussing Bitcoin seriously and mentioning aspirations for the country to become a “Bitcoin country,” some barriers to acceptance are beginning to break down. Even if they don’t fully understand it, they are starting to take it more seriously.
If HB302 passes and the state treasurer begins acquiring Bitcoin, what kind of custodial strategy do you envision for the state?
Government processes tend to move slowly, so the most probable scenario is an initial investment in a product such as the Fidelity spot Bitcoin ETF. Fidelity is one of New Hampshire’s largest employers, which adds significant influence to the decision. As time progresses, the state’s ability to self-custody Bitcoin will become paramount. They may prefer not to manage it independently, fearing the loss of their keys. A shared custody arrangement among institutional partners, similar to services offered by Unchained or other companies utilizing multisig, could be an appealing alternative.
One topic often overlooked in Bitcoin and crypto legislation is the legality of crypto mixers. Additionally, developers of the Samourai Wallet and Tornado Cash remain on trial, while many other crypto cases have been dismissed under the Trump administration. What are your views on crypto mixers? Should Americans have the right to use them?
Absolutely. Financial privacy is critically important. It’s concerning if you buy a cup of coffee and the shop owner can access your entire Bitcoin balance. Protecting financial privacy is essential, and we must not compromise that right.
Any closing thoughts?
Yes, the prevalence of scams in the crypto arena is quite frustrating. Bitcoin, however, stands in stark contrast; it’s all about the hard truth. If you truly understand Bitcoin, you appreciate transparency and honesty. It can become tiresome to constantly navigate through deceitful schemes in the broader crypto landscape. In the end, the truth will prevail. Many projects in the ecosystem are mere distractions—a significant smokescreen.
