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Arizona has been actively researching and implementing Bitcoin (BTC) and cryptocurrency-related initiatives. Here are some key developments ¹ ² ³:

- *Bitcoin Reserve Bill*: The Arizona state legislature has passed a bill allowing the state to invest up to 10% of its $31.5 billion in public funds in digital assets, including Bitcoin. This bill establishes a Digital Assets Strategic Reserve Fund to hold seized crypto assets and future appropriations.

- *Potential Investment*: If fully deployed, Arizona's Bitcoin reserve could acquire approximately 31,000 BTC, making it the second-largest institutional Bitcoin holder among US public entities.

- *Pension Fund Investment*: A concurrent resolution was passed to encourage pension fund managers to consider investing in Bitcoin ETFs. This resolution asks the Arizona State Retirement System and Public Safety Personnel Retirement System to report on the feasibility and potential benefits of investing in digital asset ETFs.

- *Legislative Progress*: The bills have gained significant support, with 31 members voting in favor of SB1025 and 37 members voting in favor of SB1373. Governor Katie Hobbs has not yet signaled her position on the bills.

- *National Implications*: Arizona's initiative could set a precedent for other states and sovereign governments to explore Bitcoin-backed reserve strategies, potentially driving institutional adoption and price appreciation.

These developments demonstrate Arizona's proactive approach to integrating Bitcoin and cryptocurrency into its financial framework, which may have implications for the broader cryptocurrency market.