Arizona Takes Step Towards First State Bitcoin Reserve

Arizona is poised to become the first U.S. state to adopt a Bitcoin reserve after its legislature approved crypto-investment bills. GOP Senator Wendy Rogers has urged Governor Hobbs to sign the legislation, highlighting Bitcoin’s growth and appeal among young voters. With Bitcoin trading near $95,000, Arizona’s move reflects increased political interest in crypto as a legitimate asset class for state holdings. 2 bills passed on Monday authorizing up to 10% of Arizona’s over $30 billion in assets, to be allocated into crypto. This marks a significant step towards historical cryptocurrency recognition. However, the path isn’t without hurdles. Political analysts are cautious about the potential volatility of digital assets. Meanwhile, Governor Hobbs’ decision to approve or veto the proposal remains pending.