The Arizona state legislature approved two bills on Monday that could lead to the creation of the first state Bitcoin reserve in the U.S. The bills, primarily backed by Republicans, would allow the state to invest up to 10% of its public funds in digital assets like Bitcoin, capitalizing on Arizona’s over $30 billion in state-managed assets. The legislation is now awaiting the decision of Democratic Governor Katie Hobbs, who has not publicly commented on her intentions regarding the bills.
Senator Wendy Rogers, a key sponsor, emphasized the popularity of cryptocurrency among younger voters, suggesting that signing the bills could benefit Hobbs politically. The push for these measures follows former President Donald Trump’s recent proclamation of a “strategic crypto reserve,” though some cryptocurrency advocates expressed concerns about the inclusion of more volatile cryptocurrencies alongside Bitcoin.
Political consultant Barrett Marson noted that Arizona Republicans are closely mirroring Trump’s initiatives. While there’s uncertainty about whether Hobbs will approve or veto the bills, he highlighted that the volatile nature of Bitcoin may influence her decision. However, Rogers remains optimistic, arguing that Bitcoin’s value generally trends upwards over time and serves as a hedge against inflation, while suggesting each cryptocurrency’s risks should be considered individually.
Ultimately, these developments position Arizona as a potential leader in embracing cryptocurrency at the state level, contingent upon Hobbs’ final decision.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
