U.S. State-Level Bitcoin Reserve Bills: A New Paradigm for Public Funds Entering the Market

North Carolina: The recently proposed Bitcoin Reserve Bill (SB327) in this state has attracted widespread attention. The bill authorizes the state treasurer to allocate 10% of public funds (approximately $9.5 billion) to Bitcoin, with a multi-signature cold storage custody method, and requires monthly audits. The bill also stipulates that Bitcoin can only be sold under strict conditions such as a 'severe financial crisis', aiming to hedge against inflation risk through long-term holding.

Arizona: Its Bitcoin Reserve Bill has entered the second reading stage in the House of Representatives, making it the fastest-moving state-level bill in the country. If it passes smoothly, it is expected to complete the legislative process by April-May. This move could prompt other states to follow suit, creating a competitive landscape of 'state-level sovereign reserves'.

Significance: If such bills are enacted, they would not only inject billions of dollars of incremental funds into Bitcoin but also signify government-level recognition of cryptocurrency asset attributes, potentially reshaping traditional fiscal management logic. #BTC