đ Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill
Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona stateâs cryptocurrency reserve adoption.
Bitcoinâs upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025, which sought to allow the state to invest public funds in Bitcoin.
This move came just days after the bill passed the Arizona House, signaling bipartisan momentum toward crypto adoption at the state level.
Citing fiduciary risk, Hobbs emphasized that Arizonaâs retirement system remains one of the nationâs strongest precisely because it avoids âuntestedâ assets like virtual currency.
This development aligns Arizona with several other states, Oklahoma, Montana, and Wyoming, where similar crypto bills have faltered.
The bill had proposed establishing a Digital Assets Strategic Reserve using seized state funds and upto 10% of the state Treasury.
Hobbsâ veto marks a significant reversal, especially as the state legislature had edged closer to positioning Arizona as the first U.S. state to adopt Bitcoin as a reserve asset.
Looking forward, another related proposal, SB1373, still awaits a final vote and may reopen the conversation if it garners enough legislative support.