Roswell, New Mexico, made history once again this week by becoming the first city in the world to document the acceptance of a bitcoin donation.
A physical receipt signifying the city’s acceptance of the gift was ceremonially signed Tuesday by Roswell Mayor Pro Tem Juliana Halvorson.
Halvorson signed the receipt for the bitcoin donation at the local newspaper, the Roswell Daily Record, family-owned and in print since 1891, and the newspaper which famously reported on a recovered flying disc in 1947.
Filmed while signing the receipt, Halvorson stated that the city of Roswell is,
“… going to become the first municipality in, I’ve been told the world, to be using bitcoin, a bitcoin reserve … it will sit for 10 years … and it will be used for senior citizens and for disaster relief once it reaches a certain amount of money.”
The day prior, bitcoin advocate and Roswell City Councilor Cristina Arnold arranged a meeting at a downtown Roswell coffeehouse which also included this author, plus City Attorney Hess Yntema and Councilor Ed Heldenbrand, a member of the city’s finance committee.
Arnold suggested the meeting after an idea proposed in the Daily Record’s Sunday bitcoin column, which this author also writes, took root.
In January an unnamed non-New Mexican online reader responded to a particular column’s suggestion to establish a strategic bitcoin reserve for Roswell by sending the equivalent of $3,000 in bitcoin value.
A follow-up column reported the donation and described a possible plan for the city, including addressing bitcoin cold storage and custody concerns.
Prior to Monday’s meeting, Yntema went on record via email, saying,
“As for accepting a gift of Bitcoin, in New Mexico, municipalities are empowered to acquire real and personal property. NMSA 1978 …
“Personal property is broad and includes tangible and intangible assets; this would include Bitcoin.
“The City is always grateful when a donation is made to further the public good.”
Arnold said later via text,
“Many in our community already engage with this technology daily, and it’s time for the City of Roswell to thoughtfully consider doing the same.”
During the meeting Yntema counseled that a purpose for the fund had to be stated in writing. If not, the city could still receive the bitcoin per state law, but it could also spend the funds, just as all unspecified municipal donations, “any way they want.”
Therefore, the signed receipt establishing the city’s receipt of the bitcoin stated a twofold purpose for the donation(s) received by the strategic reserve:
1) The $3,000 bitcoin and any subsequent donations are intended to be held for 10 years first, in which time it’s value is presumed to have increased with bitcoin’s price, and other donations added. Then, prorated stipends will begin being divided …
“towards alleviating a percentage (or) up to 100%, of the water bills of all Roswell, NM senior citizens”
… the receipt states, assuming for the fund’s potential increase in value by 2035.
2) Should the reserve ever accrue a total value of $1 million, any declared disaster afterwards would qualify for liquidation of “up to 21%” of the fund’s total value, but “only with unanimous approval of Roswell City Council,” the receipt states.
The document also states this provision is only allowed once every five years.
In October 2024, Roswell suffered from disastrous flooding, which the Daily Record quoted Roswell Mayor Timothy Jennings describing as:
“… ‘a 500-year-storm’ and estimated that in the end, he believes it (flood repairs) will carry a price tag of at least $500 million.”
The flood claimed two lives, many homes and perhaps destroyed the multimillion dollar Roswell Convention Center and the Roswell Museum and Art Center, a building which the Record reported Mayor Timothy Jennings saying said “had up to five feet of flooding inside.”
While the newspaper reported the state of New Mexico unlocking $1 million in aid for Roswell, an unpopular local tax increase was also recently passed to help the city pay for flood damage repair costs.
Given the local backdrop and the understanding of the state’s law which was made clear during the coffeeshop meeting, all present agreed acceptance of the bitcoin did not require presenting to the city council for a vote.
It Turns Out, You Can Just Do Things
The full title stated on the document, amended by Hess and then signed, if only ceremonially, the next day by Halvorson reads “A Receipt to Acknowledge The Roswell Strategic Reserve & Bitcoin Emergency Fund.”
Roswell’s reserve differs from those proposed in over 30 U.S. states, but which have failed to be realized, in two significant ways:
1) In accordance with bitcoin ethos, the reserve was established permissionlessly.
The signature establishes the city of Roswell as the world’s first municipality to accept bitcoin as a donation and to offer a tax-deductible receipt, when requested, for donations exceeding a fair market value of $250.
Tuesday’s announcement received worldwide coverage among the bitcoiner community, including a posted photo of one of Roswell’s welcome signs with an orange bitcoin logo added to the graphic, posted by the X account of Bitcoin News.
Bitcoin News’ post was reposted by State Sen. Ant Thornton (R-Dist19), who had previously sponsored New Mexico’s bitcoin reserve legislation, which he later stated “narrowly failed, 5/4.”
The post was followed a day later by Bitcoin Magazine’s post of a photo of the signed document, which received over 1,000 reposts, over 4,000 likes and over 200 comments.
More anonymous bitcoin donations began arriving, bringing the fund’s value, typed as “roughly $2,906” at the time of the receipt signed by Halvorson, to over $5,000 as of press time.
The fund’s address’s activity is viewable online for Roswell citizens and anyone with the link to see, showing at press time 19 total transactions of received bitcoin including the seed donation.
The signed receipt also included a QR code for receiving bitcoin, as well as the typed version of the city’s newly acquired public “receive bitcoin” address:
Bc1q6l4g35excrwmsackchlt6km3ex08vev0w222h4
Halvorson, citing bitcoin’s known price volatility, was at first not on board with the city bitcoin reserve idea which the column detailed, and that Arnold helped introduce to the also-supportive Heldenbrand and Yntema.
As soon as she was informed that no taxpayer funds or city resources were being diverted to the reserve however, and also had time to understand the historic significance of the event, Halvorson gladly agreed to participate knowing that Hess, as the city attorney, had final editing authority on the document she was being presented.
Industry Consensus
While not present at the coffeehouse, Alexander Leishman, CEO and CTO of Texas-based bitcoin mining exchange River, had pledged his availability to join the group via cell phone, if councilors had further questions about bitcoin itself or “signing up” the city as a business account.
Notably, all in attendance were knowledgeable enough about bitcoin to not require further information from Leishman, and the meeting therefore ended quickly in about 30 minutes with a course of action determined, before the time Leishman was even committed to join.
While the city has not officially become a River customer yet, once the need arises to convert donations of U.S. dollars or land, etc., or to liquidate bitcoin due to an emergency need, River was understood by the city representatives to be the planned bitcoin exchange partner of choice.
This is partly because of River’s alignment with bitcoin ethos, offering open “proof of reserves” of the exchange’s bitcoin holdings for the world to see, an unrequired act of integrity which is being replicated by the Roswell reserve, which likewise publicly posts their address for scrutiny.
Unlike larger cryptocurrency exchanges such Coinbase, most of which do not offer proof of reserves, River only offers bitcoin, but not “altcoins” such as dogecoin, reflecting “bitcoin-only” ethos, a galvanizing stance in the industry which the Roswell reserve also adheres to.
While not stated in the document’s wording, this author can state with certainty that, aside from physical donations previously mentioned, the Roswell Strategic Reserve is bitcoin-only, and does not accept donations offered in “crypto.”
Similarly to Leishman, Adam Simecka, founder of Hands Free Bitcoin (mining) and self-custodial bitcoin wallet Manna, quickly came to Roswell’s aid to offer his services as well as a receiving address by which Roswell’s reserve may receive donations over the Lightning Network.
The process was surprisingly simple: Simencka set up and activated Roswell’s address – [email protected] – from his own phone, while talking on that same phone.
Via message, Simencka also wrote,
“… 99% of people don’t care how a wallet is built, how risky it is, or how much personal data they keep on you in a database somewhere.
So, that is why I’m trying my best to make this (Manna bitcoin wallet) a trojan horse for freedom and privacy. But that is just the bonus to the user. On the surface, it’s just a really good Lightning wallet that is as easy to use as a custodial wallet.”
Sasha Hodder, founder and principle attorney of Hodder Law Firm, self-described as “Helping companies operate legally within the digital assets space,” sent a congratulatory note, saying
“This is a historic and forward-thinking step by the City of Roswell.
“By establishing a Bitcoin reserve, Roswell is positioning itself at the forefront of financial innovation and resilience.
“Bitcoin represents freedom, transparency, and long-term security, exactly the qualities communities will increasingly value in a changing world.
“I’m proud to see Roswell leading by example and setting a powerful precedent for how cities can responsibly embrace sound money principles.”
All Roswell representatives referenced above indeed expressed a shared sense of how beneficial the worldwide publicity, aside from the new donations, will be for Roswell.
“What an amazing step forward for the future,”
said Heldenbrand via text after the meeting.
Both councilors in favor of the bitcoin reserve expressed during the meeting that when the 10 years have passed for the city to start allocating the funds, that they will be termed out of office.
Therefore, they stand to benefit from their involvement in the historic move this week no more or less than every other citizen of Roswell, by maybe getting a break on their water bills.
Arnold followed up as well, messaging after the receipt was signed by Halverson,
“Cryptocurrency continues to gain momentum as a wave of the future, reshaping how communities engage with innovation and philanthropy.
“True leadership means embracing forward-thinking solutions and recognizing the evolving trends of our generation.
“I’m honored to serve alongside visionary leaders like Mayor Pro Tem Halvorson and Councilor Heldenbrand as we explore opportunities like Bitcoin donations.”
Notably, Bitcoin Magazine has extended an invitation to Roswell’s mayor and entire city council to attend the Las Vegas Bitcoin Conference on May 28-29, to learn all they can about bitcoin, and to network with industry leaders and other bitcoin-friendly politicians.
None have confirmed acceptance of the offer to date, however Thornton has confirmed his planned attendance at the conference to advocate for New Mexico’s forward progress. The senator additionally stated in a message to Bitcoin News,
“I do believe that as our debt based fiat currency (i.e., the U.S. dollar) continues to be debased by the Fed central bankers, more people, more corporations, more municipalities, more sovereign governments will decide to store their wealth in assets that cannot be produced by a printing press…
“hence commodities such as gold and silver will continue to rise in value.
“However, the scarcity of Bitcoin and its digital mobility will likely make it the one asset utilized by the entire world as the best place to store one’s long term capital.“
A full-on Roswellian invasion of the bitcoin conference notwithstanding, this author as well as other representatives of Bitcoin News will be in Las Vegas that week as well, seeking out intelligent life forms with strange new stories to tell.
You might want to keep away from me however; I’m only going to hit you up for a donation.
But, as Greg Perry, a person at least claiming online to have made a donation to the Roswell reserve puts it, it’s for your own good.
Apparently understanding game theory, Perry realizes that Roswell has become the world’s catalyst for practical, grassroots bitcoin adoption. That, and the 10-year hold required by the reserve’s founding document, can only mean one thing …
Number go up.
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