On April 28, 2023, the Arizona House of Representatives passed two bills (SB1025 and SB1373), authorizing the State Treasurer to invest up to 10% of public funds (approximately $3.15 billion) in digital assets such as Bitcoin, aimed at establishing a strategic Bitcoin reserve. This move positions Arizona to potentially become the first state in the U.S. to legislate the establishment of a Bitcoin reserve.

Supporters believe this initiative will help diversify assets, combat inflation, and enhance the state's position in the field of digital financial innovation. However, critics are concerned about the volatility of Bitcoin prices, which could pose risks to state finances. Currently, the bills have been submitted to Governor Katie Hobbs for review and are awaiting her signature to become law.

This development in Arizona reflects the gradual acceptance of cryptocurrencies in public finance, which may have a demonstration effect on other states. If successfully implemented, it could further elevate Bitcoin's status in the global financial system.