#亚利桑那比特币储备 Three, Market Impact and Controversies

1. Limited Short-term Impact

◦ Symbolic Significance > Substantial Capital Inflow: The bill has not disclosed specific reserve sizes or fund allocation plans, making it difficult to change the fundamental supply and demand of Bitcoin in the short term.

◦ Policy Uncertainty: There are still variables before the governor's signature, and the progress of other states following suit is unknown.

2. Long-term Strategic Value

◦ Asset Diversification and Inflation Hedge: Supporters believe that Bitcoin can hedge against the risk of U.S. dollar depreciation, enhancing state fiscal resilience.

◦ Attracting the Crypto Industry: It may drive Arizona to become a blockchain innovation hub, attracting related businesses.

3. Controversial Issues

◦ Price Volatility Risk: Critics point out that the high volatility of Bitcoin may threaten the safety of public funds.

◦ Regulatory Gaps: The lack of a unified regulatory framework at the federal level may lead to compliance disputes.

Four, Other States and Federal Dynamics