New Hampshire and Arizona are ready to stockpile Bitcoin. When will Trump make a purchase?

^{By Matt Mena}

In a landmark move for US crypto policy, New Hampshire and Arizona recently made history. New Hampshire became the first state to pass a law creating a Strategic Bitcoin Reserve, giving it the green light to buy and hold Bitcoin as part of its financial reserves. Two days later, Arizona followed suit to establish the Arizona Bitcoin & Digital Assets Reserve, making it the second state to officially embrace crypto at the treasury level.

The move has kicked off fresh speculation: When will other states, and especially a Donald Trump-led federal government, start stockpiling Bitcoin and other crypto assets?

Bitcoin is currently trading above $100,000. With state and sovereign adoption gaining momentum, demand is building on top of an already bullish setup. If this trend continues, Bitcoin could break past $200,000 by year-end. Policy-driven buying, combined with limited supply, may be the catalyst that propels it into uncharted territory.

Impact on other states' crypto reserve plans

With the signing of HB 302, New Hampshire's treasurer is now allowed to allocate up to 5% of public funds into digital assets, providing they have a market capitalization over $500 billion, a threshold that currently applies only to Bitcoin. Arizona's HB 2749 establishes a reserve for bitcoin and digital assets, allowing the state to convert unclaimed property funds into Bitcoin and other digital assets.

This sets the stage for significant legislative action, particularly in states where there is already growing momentum. North Carolina and Texas are close to receiving approval. According to BitcoinLaws.io, more than 140 digital asset-related measures have been introduced across 40 states, including 47 Strategic Bitcoin Reserve (SBR) bills in 26 states, 36 of which remain active today. 

As political risks, inflation concerns, and skepticism toward federal monetary policy continue to rise, Bitcoin is increasingly being seen not only as an asset class but also as a hedge against inflation, against government overreach, and as a symbol of financial independence.

What’s next for Trump’s plan to stockpile Bitcoin?

In March, President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve and a US Digital Asset Stockpile, marking the first formal integration of Bitcoin into national financial strategy. The reserve will be funded using Bitcoin already held by the government, primarily assets seized through civil and criminal forfeitures. Simultaneously, Senator Cynthia Lummis's BITCOIN Act seeks to codify this approach into law, proposing that the federal government expand its Bitcoin holdings and create a long-term framework for utilizing it in public finance. Momentum is rapidly increasing at the federal level, and all eyes are on the Trump-led administration to see when it will make its first Bitcoin purchase.

A new era of Bitcoin buying race

The US government currently holds over 198,000 Bitcoin (nearly 1% of the total circulating supply), mainly from law enforcement seizures. China holds an estimated 190,000 Bitcoin, despite banning crypto trading, and the U.K. holds over 61,000 Bitcoin. Smaller nations like Ukraine, Bhutan, and El Salvador have also built notable reserves, signaling early adoption by emerging economies.

Meanwhile, countries such as Russia, Mexico, Venezuela, and the UAE are exploring sovereign Bitcoin strategies. As more US states take action, foreign governments are increasingly likely to adopt similar policies, not just as a hedge against instability, but for geopolitical leverage. 

The countries around the world will participate in the Bitcoin buying race, not out of necessity, but to gain a strategic advantage. As Bitcoin’s limited supply faces increasing government demand, the cost of remaining on the sidelines rises significantly.

What comes next: Bitcoin bonds and new fiscal infrastructure

As Bitcoin adoption reaches the public sector, the next logical step could be Bitcoin-denominated debt. While holding Bitcoin on a balance sheet is already significant, issuing bonds backed by or denominated in Bitcoin would take government integration of digital assets much further. Recently, Bitcoin payments app Strike unveiled a new Bitcoin lending program.

El Salvador has already taken the lead with its $1 billion “Volcano Bonds,” backed by Bitcoin reserves and future mining revenue. The move has drawn global attention and may become a model for other crypto-forward nations.

For US states and cities, Bitcoin bonds could offer a fresh way to raise capital, especially from crypto-native investors seeking yield exposure to public projects. These bonds could diversify funding sources and appeal to governments with limited access to traditional markets.

Innovative structures could set Bitcoin bonds apart. For instance, a state might issue a low-yield bond to buy Bitcoin and offer profit-sharing if its value rises. Others might launch hybrid bonds, part Bitcoin-backed, part traditional, to reduce volatility while tapping into new capital. Tokenized bonds on public blockchains could boost transparency and liquidity, and some issuers might even let investors choose repayment in fiat or Bitcoin. 

Just as petrodollars shaped global finance in the 20th century, Bitcoin bonds could lay the foundation for a new financial era in which crypto supports public infrastructure at a global scale.