#亚利桑那比特币储备 Arizona has passed the Strategic Bitcoin Reserve Bill (SB 1025), allowing state finances and pension funds to allocate up to 10% of available funds to Bitcoin and other digital assets. This move marks a significant innovation in public financial management in the United States. If this bill is ultimately signed into law by the governor, Arizona will become the first state in the U.S. to legally invest public funds in Bitcoin, which could not only reshape the state's asset allocation strategy but also provide important references for cryptocurrency policies at the state and even federal levels.
From a precedent effect perspective, Arizona's legislative actions have triggered a chain reaction. At least 15 states across the U.S. have proposed or are considering similar Bitcoin reserve bills, including Texas, Oklahoma, Florida, and New Hampshire. For instance, Florida's HB 487 bill allows 10% of state funds to be invested in Bitcoin, while Alabama reduces risks by setting a market capitalization threshold (only allowing investments in cryptocurrencies with a market cap over $750 billion, which currently only Bitcoin meets). The legislative logic in these states is similar to that of Arizona, attempting to hedge against the volatility of traditional financial markets and inflation pressures through cryptocurrencies while exploring the long-term appreciation potential of digital assets. Additionally, Kentucky's recent passage of the 'Bitcoin Rights' bill guarantees users' freedom to use and hold cryptocurrencies, further strengthening local policy support for the crypto industry.
However, this trend is not without controversy. Opponents are concerned that the high volatility of cryptocurrencies could threaten the safety of public funds. For example, Wyoming and Montana have explicitly rejected similar bills, citing excessive risk exposure to Bitcoin. Moreover, the Arizona bill still faces the potential veto risk from Governor Katie Hobbs, whose veto rate could reach up to 22% in 2024, adding uncertainty. Nevertheless, supporters believe that strict custodial terms (such as segregated accounts and qualified custodians) and investment ratio limits (like a 10% cap) have somewhat balanced the risks and rewards.
From a macro perspective, the rise of state-level Bitcoin reserves reflects the gradual integration of cryptocurrencies into the mainstream financial system. If state bills are fully implemented, they could inject billions of dollars into the Bitcoin market (such as Arizona's public pension fund or over $2 billion) and accelerate the entry of institutional investors. At the same time, this could also pressure the federal government to expedite the formulation of a unified regulatory framework to coordinate the policy differences among states. For example, the 'national Bitcoin reserve' concept proposed by the Trump administration and the advocacy of Senate Banking Committee's digital assets subcommittee chair Cynthia Lummis both demonstrate federal attention to this issue.
In summary, Arizona's bill is both an experiment in local financial innovation and an important milestone in the process of cryptocurrency legalization. Its success or failure will directly impact legislative decisions in other states and could reshape the financial competitive landscape of the United States in the digital economy era. However, this path still needs to find a balance between risk management, regulatory coordination, and market stability.
