#ArizonaBTCReserve
In a first of its kind development, Arizona has gone ahead to pioneer the world of public finance. The Strategic Bitcoin Reserve has been established by law in the state, enabling the Treasury to allocate a percentage to Bitcoin if deemed fit. This gives the green light to Arizona becoming the frontrunner in the race to adopting Bitcoin at a full governmental level. The implications of such decision are huge not just within the borders, but also throughout cryptocurrency economics.
The newly instated law came with the sister legislation called SB 1373 which focuses on a broader curriculum Bitcoin and assets such as NFTs, fungible tokens, and forfeited crypto, enabling the state to expand its digital reserve. This portfolio looks extremely enticing for the investors, summing up to nearly $3.14 billion, while simultaneously giving educators food for thought on the economic position of the state.
The potential of such moves makes it a possibility for Arizona to position itself as an innovative leader in state fiscal strategy. It pushes forth the repositioning of traditional finance investing models while leveraging advanced technologies to erect a hedge against the inflated and declining economy.
Such daring motivations, however, come at a price of acquiring Governor Katie Hobbs’ signature, which already came with a caveat to not override funds tied to the legislations.
