Bitcoiners and government officials in the United States criticized Arizona Governor Katie Hobbs' decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.
“This will age poorly,” said co-founder of Casa and cypherpunk Jameson Lopp in a post on X on May 3. Bitcoin (BTC) entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician believing they can make investment decisions.”
Appeal for government officials to understand that Bitcoin is “the future”
“If she can't get over Bitcoin, she should buy it,” said Pompliano. Cryptocurrency lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and cryptocurrencies are the future.”
Wendy Rogers, who co-sponsored the bill with State Representative Jeff Weninger, also expressed her disappointment.
“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” said Rogers.
On May 2, Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, which would have allowed Arizona to invest seized funds in Bitcoin and create a reserve managed by state officials. “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes solid and informed investments,” said Hobbs.
Rogers said he would reintroduce the bill during the next session. Rogers also pointed out that the state retirement system of Arizona already holds shares of Michael Saylor's Strategy (MSTR).
“Which is basically a leveraged Bitcoin ETF. Arizona's Strategic Bitcoin Reserve bill will return. HODL,” said Rogers. The share price of Strategy rose 32% in April, the largest monthly gain since November 2024.
Well-known cryptocurrency skeptic Peter Schiff sided with Hobbs. “The government should not make decisions to use public funds to speculate on cryptocurrencies,” said Schiff.
Arizona would have become the first state in the U.S. to establish a Strategic Bitcoin Reserve if the bill had been approved.
