Meet Rep. Keith Ammon: New Hampshire’s Leading Advocate for Bitcoin and Cryptocurrency

Bitcoin Magazine

Rep. Keith Ammon Is New Hampshire’s Premier Bitcoin Advocate

On Tuesday, Representative Keith Ammon presented to the New Hampshire House Ways and Means Committee regarding House Bill (HB) 302. This bill aims to enable the state treasurer to allocate funds towards bitcoin investments.

During his remarks, he highlighted the staggering national debt of the United States and argued that investing in bitcoin could serve as a strategy to counteract the destructive impacts of inflation.

As I tuned into his arguments, it became apparent that Rep. Ammon is a dedicated Bitcoin enthusiast. He appears to be deeply embedded in the cryptocurrency ecosystem, fervently advocating for its potential benefits to fellow lawmakers in New Hampshire. His passion for bitcoin shines through, as he likely recognizes its value since he first encountered it years ago.

Following my conversation with him, it was clear that my initial impression was accurate.

Ammon, a software developer and self-proclaimed “Bitcoin maxi” (who also acknowledges the merits of other blockchain technologies), discovered Bitcoin shortly after its inception. Ever since, he has been a vocal proponent of its principles throughout New Hampshire.

As the originator of the New Hampshire Blockchain Council and the lead sponsor of three current Bitcoin and cryptocurrency-related bills making their way through the legislative process, Rep. Ammon stands out as the most renowned Bitcoin supporter in the Granite State.

His journey to discovering Bitcoin is quite compelling as well.

Listening to your testimony during Tuesday’s committee meeting on HB302, I sensed a long-standing commitment to Bitcoin. Is that an accurate assessment?

Absolutely. To provide some context, I first learned about the Free State Project back in 2004, which prompted me to relocate to New Hampshire. Fast forward to a few years later, I attended an event called Liberty Forum, organized by the Free State Project. In 2011, a group of anarchists rejected the forum’s corporate vibe and arranged their own gathering termed the “Alt Expo.” Intrigued, I stumbled into this alternative event that only had about six attendees. They were presenting on RipplePay, a pre-blockchain concept involving a network of nodes for money lending through IOUs. I didn’t grasp the concept completely at that time. However, I continued engaging with that small community, and a few months later, Bitcoin emerged in our discussions. I vividly recall thinking, “This is revolutionary. This is what will change the world.”

Did you immediately understand its significance?

Having a background in software development and being exposed to significant financial concepts early on, I was well-prepared to absorb the ideas around Bitcoin. The moment I understood the concept, my background allowed me to appreciate Bitcoin’s role as a complex, abstract system. Furthermore, the underlying game theory is incredibly captivating. Bitcoin acts like a contagion within human psychology, transmitting knowledge between individuals.

How has it been to lobby other government officials about Bitcoin?

Jump ahead to 2015 — I was elected to the state legislature. Around that time, we attempted to introduce several Bitcoin-related bills, but the understanding of Bitcoin was minimal at that point. Nonetheless, I persevered, and now take pride in being a go-to expert on the subject within our legislative framework. Now, during my fifth term, Bitcoin’s profile has risen significantly. My peers in New Hampshire often consult me when they encounter favorable Bitcoin news. They do come to me with negative reports too, but there’s been an uptick in positive developments lately, so I’m finding it more manageable to educate them.

You’ve played a pivotal role in reshaping perceptions of Bitcoin within New Hampshire’s legislature. During the committee meeting on Tuesday, you addressed bitcoin’s potential as a safeguard against the debasement of the U.S. dollar. With the national debt reaching $36 trillion, what is the reaction of other officials when you confront them with these stark realities and propose Bitcoin as a remedy?

The national debt is a daunting issue that many tend to ignore. However, several legislators are inclined towards gold and belong to the sound money school of thought. Yet, most in the legislature regard the national debt like an impending asteroid — visible yet distant enough to avoid immediate concern. It’s too immense for many to contemplate seriously. If the situation were to spiral out of control, it could lead to widespread turmoil. We want to prevent such chaos, and Bitcoin offers a viable alternative. Individuals can choose to “switch teams,” mitigating some of the fallout. While there are broader societal impacts during such crises, personal sovereignty and wealth can still be safeguarded. My focus during Tuesday’s discussion was enabling the state treasurer to invest in digital assets with a market capitalization exceeding $500 billion. We’re pushing for constructive discussions within the state apparatus to ensure that, when the prevailing narrative leaning towards Bitcoin as an inflation solution grows stronger, lawmakers are ready to embrace it.

Convincing politicians about the problems is one thing, but persuading them that Bitcoin is a solution must be more challenging. Are you facing considerable resistance regarding HB302?

For this specific bill, we collaborated with the Satoshi Action Fund. Through this partnership, I’ve formed friendships with Dennis Porter and Eric Peterson, and we started with one of their model legislative frameworks. Initially, we had a meeting with the state treasurer. Dennis and his team, along with members of the Blockchain Council, gathered at her office for a discussion. Although she wasn’t entirely familiar with Bitcoin, she expressed interest in learning more. She also mentioned that her counterparts nationwide are beginning to consider digital assets. Following this meeting, we refined the bill, and it was amended in the Commerce Committee, its first processing stage. Afterward, we consulted with the state treasurer again about these modifications, and she suggested that while the treasury department may delay investing in Bitcoin, having the option available would be beneficial.

HB302 sets a market cap threshold of $500 billion for digital assets eligible for inclusion in the state reserve. Currently, only Bitcoin meets this criteria. How did you determine this figure, and do you anticipate other digital assets may join in the future?

We felt it was necessary to establish a threshold to avoid the impression that the state treasurer might invest in less reliable meme coins. However, we refrain from explicitly naming “Bitcoin” in the legislation.

Why is that?

It would be perceived as favoritism towards certain assets over others. Sound legislative practices should ensure neutrality and objectivity.

What are the chances of HB302 passing?

It seems probable that it will secure approval in the House and later proceed to the Senate. I estimate there’s over a 50% chance of it passing there as well. A challenge arises when the House approves bills, and the Senate prioritizes their own amendments when these bills arrive. As a result, some bills can falter amid that legislative tug-of-war.

Are New Hampshire politicians taking the concept of a Bitcoin or digital asset reserve more seriously, particularly as they observe similar initiatives being proposed in other states?

It’s hard to determine. Only a small number of New Hampshire’s lawmakers are closely monitoring this issue. During my testimonies, I emphasize that the last state to engage with Bitcoin will lose out. We wouldn’t want to be the last to embrace Bitcoin when its value is likely to escalate, especially if other states take the lead. There remains significant skepticism surrounding Bitcoin, with persistent misconceptions — such as its energy consumption or its association solely with crime — dominating the conversation. Many newcomers to the topic tend to dismiss it outright to avoid confronting the complexities. This creates a cyclical pattern within our legislature of recycling old arguments. However, the recent serious discussions under the Trump administration about becoming a Bitcoin-nation have opened channels for dialogue, encouraging even those lacking full understanding to take it more seriously.

If HB302 is enacted and the state treasurer begins acquiring Bitcoin, what custodial framework do you envision for the state’s holdings?

Government processes tend to be sluggish, so the initial move will likely involve the purchase of shares in a reliable vehicle like the Fidelity spot Bitcoin ETF. Fidelity is a major employer in New Hampshire, providing substantial influence. I could see them opting for a modest investment in such a vehicle initially. However, as time progresses, establishing a self-custody mechanism for Bitcoin will be vital. They might prefer not to manage custody independently due to concerns about losing access to private keys, so a collaborative custody approach, akin to what Unchained and other firms offer, seems plausible. A multi-signature setup would also enhance security.

Issues surrounding crypto mixers and their legality have not been extensively discussed in Bitcoin- and crypto-related legislation. In light of the ongoing trials concerning the Samourai Wallet and Tornado Cash developers, what’s your stance on crypto mixers, and should Americans have the right to use them?

I firmly believe in the significance of financial privacy. It is concerning if a merchant can assess your entire Bitcoin balance just from a simple transaction, such as buying a cup of coffee. Safeguarding financial privacy is critical, and we must not compromise on this fundamental aspect.

Any closing thoughts?

Indeed, the crypto environment is rife with questionable practices, which can be quite frustrating. In this context, Bitcoin stands apart as a beacon of truth. Understanding Bitcoin equates to valuing honesty and transparency. It’s disheartening having to navigate through myriad scams that overshadow the broader crypto landscape. Ultimately, the truth will prevail. Many external projects merely contribute noise — a vast distraction.

This article Rep. Keith Ammon Is New Hampshire’s Premier Bitcoin Advocate originally appeared on Bitcoin Magazine and was authored by Frank Corva.

The post Meet Rep. Keith Ammon: New Hampshire’s Leading Advocate for Bitcoin and Cryptocurrency appeared first on Crypto Breaking News.