#ArizonaBTCReserve Arizona has taken a significant step towards the adoption of digital assets by passing legislation that establishes the state as the first in the U.S. to create a Bitcoin reserve. The approved Senate bills 1025 and 1373 allow Arizona to invest up to 10% of its public funds, totaling $31.5 billion, in digital assets, including Bitcoin.
This pioneering move includes the creation of a Strategic Digital Assets Reserve Fund, which will be funded with seized cryptocurrency assets and future legislative allocations. The bills have been approved by both the House and the Senate and are now awaiting final approval from Governor Katie Hobbs.
If Governor Hobbs signs the legislation, Arizona would set a national precedent for the integration of Bitcoin into public finance. This decision could influence other states considering similar strategies to diversify their reserve assets and embrace the growing importance of cryptocurrencies in the financial landscape. The price of Bitcoin has shown positive momentum following this development, trading near $95,000.