Arizona is making strides in becoming the first US state to establish a Bitcoin reserve. Here's what's happening .
- *Legislative Progress*: The Arizona House of Representatives has passed two bills, SB1025 and SB1373, which would allow the state to invest up to 10% of its public funds in digital assets like Bitcoin. The bills aim to create a Digital Assets Strategic Reserve Fund to hold seized crypto assets and future appropriations.
- *Potential Investment*: If enacted, Arizona could invest up to $3.14 billion in Bitcoin, making it a significant player in the cryptocurrency market. This would translate to acquiring around 31,000 BTC, putting Arizona among the top institutional Bitcoin holders in the US.
- *Next Steps*: The bills now await Governor Katie Hobbs' signature to become law. Although she initially threatened to veto all bills due to a funding dispute, she recently reached a bipartisan agreement, potentially paving the way for the Bitcoin Reserve to become a reality.
- *Impact*: Arizona's move could set a precedent for other states and sovereign governments to explore Bitcoin-backed reserve strategies, potentially driving more institutional investment into the cryptocurrency market.
This development is part of a broader trend, with other states like New Hampshire and Texas also considering similar Bitcoin reserve bills .
