#ArizonaBTCReserve Arizona is making strides in becoming the first US state to establish a Bitcoin reserve. Here's what's happening.

. Legislative Progress: The Arizona House of Representatives has passed two bills, Senate Bill 1025 and Senate Bill 1373, which would allow the state to invest up to 10% of its public funds in Bitcoin and other digital assets. The bills have been sent to Governor Katie Hobbs' desk for signature.

- Potential Investment: If signed into law, Arizona could invest up to $3.14 billion in digital assets, including Bitcoin, based on the state's $31.4 billion in public assets under management. This would translate to approximately 31,000 BTC.

- Strategic Reserve: The proposed Bitcoin reserve aims to diversify Arizona's public asset portfolio and attract blockchain innovation. The state would hold seized crypto assets and future appropriations in a Digital Assets Strategic Reserve Fund.

- Global Context: Arizona's move follows a trend of states exploring Bitcoin-backed reserve strategies. Other states like Texas, Florida, and New Hampshire are also considering similar legislation.

- Governor's Decision: Governor Katie Hobbs' signature is crucial for the bill to become law. While she had previously threatened to veto bills due to a funding dispute, she has since reached a bipartisan agreement and may be more likely to sign the Bitcoin reserve bills.

If enacted, Arizona's Bitcoin reserve would set a precedent for other states and sovereign governments, potentially driving growth and innovation in the blockchain sector.