$BTC
Arizona Moves Closer to Creating First State-Level Bitcoin Reserve
The Arizona Legislature has passed two new bills that could make it the first U.S. state to create its own Bitcoin reserve.
These bills would allow Arizona to invest up to 10% of its public funds—more than $30 billion according to a 2023 audit—into digital assets like Bitcoin. Both bills passed mostly along party lines, led by Republican lawmakers.
Now, the decision lies with Governor Katie Hobbs, a Democrat. If she signs the bills, Arizona will officially create the country’s first state-run cryptocurrency reserve. If she vetoes them, the bills will not become law. Her office has not commented on the matter yet.
Republican Sen. Wendy Rogers, one of the bill’s sponsors, urged Hobbs to sign the legislation. She said Bitcoin is especially popular with young people and independents and believes the governor could benefit politically by approving the bill.
This effort in Arizona is similar to former President Donald Trump’s national plan for a "strategic crypto reserve" announced in March. However, Trump’s plan included various lesser-known cryptocurrencies, which some experts criticized due to their high risk and price volatility.
Barrett Marson, a political analyst in Phoenix, noted that Arizona Republicans often model state decisions after Trump’s actions. He added that Governor Hobbs will likely consider Bitcoin’s price fluctuations before making her decision.
Still, Senator Rogers remains confident in Bitcoin’s long-term value, calling it a "hedge against inflation." She acknowledged that other cryptocurrencies should be evaluated individually.
If these bills become law, Arizona would take a bold step into the future of digital finance.