Bitcoin is finally set to be included in the strategic reserves of the United States. Last night, the first case in U.S. history of a state-level strategic reserve incorporating Bitcoin emerged, with the legislative body passing the Senate bill by a significant vote of 37 to 19.

This week, it’s Arizona, marking a milestone in Bitcoin's official status and exciting the global cryptocurrency market.

However, it’s still too early to celebrate, as the bill requires one final and crucial step: the governor's signature for it to take effect.

If enacted, up to 10% of Arizona's public revenue could be used to invest in Bitcoin and other cryptocurrencies. Based on last year's state financial report of $31.7 billion, this would mean an additional $3.17 billion entering the crypto market.

If the bill passes, not only will Arizona become the first state in the U.S. to include Bitcoin in its official reserves, but it could also trigger a chain reaction of similar actions from other states. The fate of this bill now rests in the hands of the governor.

Currently, there are three options:

The first option is to sign the bill into effect, paving the way for state-level cryptocurrency reserves.

The second option is to veto the bill.

The third option is to do nothing, in which case the bill will automatically take effect after five working days.

In summary, the governor's decision will become a policy barometer that influences the global cryptocurrency market. Despite the significant positive news surrounding the bill, Bitcoin's price has only seen a slight uptick. Last night it reached $95,000 but did not break the key barrier of $96,500.

I believe there are three main reasons for this:

First, the bill is still awaiting the governor's official signature, so the market remains cautious about the final outcome.

Second, Bitcoin’s recent trading volume has been relatively low, contributing to a cautious market sentiment.

Third, the expectations of interest rate cuts by the Federal Reserve in May and June may lead to significant market fluctuations in the future, prompting many players to opt for precautionary measures and avoid impulsive actions. In conclusion, the final outcome will be revealed in five days.