Arizona Senator Wendy Rogers, wearing a 'SAVE AMERICA' red hat, took to social media to declare, 'Arizona needs Bitcoin, not the other way around.' Behind this viral photo is her push for the Arizona Strategic Bitcoin Reserve Act (SB1025), which was just vetoed by Governor Katie Hobbs. The red hat symbolizes fighting spirit, while this veto controversy has once again brought Bitcoin's future into the spotlight.
Bill controversy: Arizona's 'Bitcoin dream' thwarted.
On May 2, 2025, Arizona nearly became the first state in the U.S. to incorporate Bitcoin into its state reserves. SB1025 allows the state government to invest confiscated funds in Bitcoin to establish an official reserve. However, Governor Hobbs vetoed the bill, citing 'too high a risk,' stating that Bitcoin is an 'insufficiently verified' asset and unsuitable for the state's retirement system. She emphasized in her statement that Arizona's retirement system is one of the most robust in the nation and cannot afford to take risks.
Wendy Rogers rebutted that Arizona's retirement system has already indirectly invested in Bitcoin by holding MicroStrategy (MSTR) stock — this company holds about 252,220 Bitcoins (as of May 2025, according to MicroStrategy's financial report). She questioned: since investments have already been made in the 'curve', why not directly embrace Bitcoin? On the day of the veto, Coinglass data showed $110 million in liquidations in the crypto market within 24 hours, with $18.24 million in Bitcoin liquidations, indicating significant volatility.
The community strikes back: a game under a global trend.
The Bitcoin community is in an uproar. Supporters believe Arizona has missed a great opportunity. North Carolina just passed a law in 2025 allowing state funds to invest 5% in crypto assets (according to Cointelegraph), and the global trend is shifting towards acceptance. NYDIG data shows that more U.S. pension funds are viewing Bitcoin as a hedge asset in a low-yield environment. The community believes that Hobbs' 'caution' may leave Arizona behind in the race for innovation.
However, Hobbs' concerns are not unfounded. In 2025, the North American Securities Administrators Association listed cryptocurrency as one of the biggest threats to investors. Bitcoin's volatility is also daunting — although it dropped to 11% in October 2024, it remains far higher than gold's stability. Opponents argue that public funds should not take speculative risks.
Who is missing the opportunity, and who is avoiding risk?
This controversy reflects the duality of Bitcoin: on one side is the potential of 'future currency,' and on the other is the controversy of 'risk bomb.' The indirect holding of Bitcoin by Arizona's retirement system indicates that the government is not entirely opposed to crypto assets, but directly incorporating them into reserves requires greater courage. Hobbs chooses to protect taxpayers, aligning with traditional finance's conservative logic; Wendy bets on Bitcoin's long-term value, aligning with global trends — such as the 'Strategic Bitcoin Reserve' executive order signed by Trump in March 2025.
The issue may not lie with Bitcoin itself, but with how decision-makers balance innovation and risk. Wendy promises to fight again at the next meeting, and the community remains enthusiastic, while Arizona is just a microcosm of the global game. Since El Salvador adopted Bitcoin as legal tender in 2021, more countries around the world have been itching to follow suit. Hobbs is avoiding risk, Wendy is pursuing the future, but who will ultimately triumph? Perhaps the answer lies in the next vote.
