The Arizona State Legislature officially passed the Arizona Strategic Bitcoin Reserve Act on Monday, allowing state finances and retirement funds to invest up to 10% of available funds in digital assets, designating Bitcoin as the core allocation target.
According to Bloomberg Government, the bill has currently been submitted to the governor's office, and if it successfully receives the signature of Democratic Governor Katie Hobbs, Arizona will become the first state in the U.S. to require public funds to be invested in Bitcoin.
This bill was jointly promoted by Republican Senator Wendy Rogers and Representative Jeff Weninger. According to the bill summary, this proposal marks the state government's gradual acceptance of innovative attempts at public finance management and reflects the increasing mainstream acceptance of digital assets.
Currently, places including Iowa, Missouri, and Texas are also actively discussing whether to establish a Bitcoin strategic reserve. At the federal level, the U.S. has already taken action; President Donald Trump signed an executive order in March of this year to promote the establishment of a 'National Bitcoin Reserve' and a 'Digital Asset Repository.'
Regarding the proportion that Bitcoin should occupy in investment portfolios, many asset management institutions have already reached a consensus. According to Business Insider, global asset management leader BlackRock recommended at the end of last year that investors allocate 1% to 2% of their assets to Bitcoin; Fidelity's suggestion is slightly higher, falling in the range of 2% to 5%.
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'State-level adoption! Arizona passes Bitcoin reserve bill, allowing up to 10% of public funds to buy Bitcoin.' This article was first published in 'Crypto City.'
