#StrategicBTCReserve
The 'BTC Strategic Reserve' Proposal Vetoed, Bitcoin Price Drops to US$96,000
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The price of Bitcoin fell in trading on Saturday (3/5). The price of the cryptocurrency plummeted to US$96,000. This is not unrelated to the rejection of public cryptocurrency funding in Arizona, United States (US).
Arizona Governor, Katie Hobbs, vetoed Senate Bill 1025: Arizona Strategic Bitcoin Reserve Act. She stated that the reason for the veto was to maintain conservative principles in the management of state pension funds.
"Today I vetoed Senate Bill 1025. The pension funds of Arizona citizens are not a place to experiment with untested investments like virtual currencies," wrote Hobbs, as reported on Sunday (4/5).
The proposed regulation was initially seen as having the potential to revolutionize the investment strategy of state pension funds by allowing the purchase of Bitcoin and other cryptocurrencies.
It would enable public funds, including the state pension system, to allocate up to 10% of its portfolio to digital assets.
This rejection has sparked a strong reaction from the crypto community, which sees it as a missed golden opportunity for Arizona to lead innovation in the digital asset sector.
Hobbs's veto aligns with the principle of caution in public investment; the debate over the position of cryptocurrencies in state finance is still far from over.
$BTC #StrategicBTCReserve
