In detail:
Last time, Utah passed HB230 but made significant changes to the original content, turning it into a protection for residents participating in cryptocurrency activities, which is as disappointing as hitting the goalpost in football 🙂↔️.
This time is different!
The two bills in Arizona have passed both houses and are awaiting delivery to the governor. Here’s a brief introduction to the bills:
SB 1373 (Digital Asset Strategy Reserve Fund)
Create a special fund with sources of funding including state legislative appropriations and seized digital assets (such as cryptocurrencies seized during law enforcement actions), and invest up to 10% of the assets in digital assets.
SB 1025 (Bitcoin Strategy Reserve)
Allow state public funds (such as general funds and retirement systems) to invest up to 10% of their assets in Bitcoin or other virtual currencies.
The difference between the two can be understood just by looking at the names of the bills: one is the Bitcoin Reserve Bill, which has a larger amount, while the other focuses on all types of cryptocurrencies.
As for how much funding they can bring in, I’ll just show you the conclusion:
SB1373
About 20 million (excluding seized assets).
SB1025
The maximum investment amount reaches 6.7 billion (the bill only allows this; it's practically impossible to invest so much, so I estimate about 25-50 million).
According to the Arizona H.B. 2897 document, it is roughly estimated that by 2025, there will be about 20.5-22.5 billion USD, of which the general fund is about 17 billion, and the funding for SB1373 comes from appropriations. Roughly estimating 1% of the general fund gives us 1.7 million, and calculating based on the maximum 10% investment brings in 17 million USD (excluding seized assets).
And SB1025 boldly includes public funds, which include retirement systems and general funds, with a total fund amount of 67 billion USD, with a maximum investment of 6.7 billion, which is quite a large sum! However, it is not very likely, so I estimate 0.5-1% of the retirement system fund of 50 billion, about 25-50 million.
The above is for everyone's reference. In the future, various continents will gradually follow suit. Each state has 250 million, and currently, 36 states have proposed cryptocurrency bills, totaling nearly 10 billion! However, since Trump is in power, no matter how good the news is, it can't compare to Trump's words 🙂↔️.
HODL! Bitcoin cannot only be 83,000 USD right now. (Let's calculate it on a yearly basis and not focus on short-term fluctuations.)
