Breaking: Arizona Passes Bill to Create First State Bitcoin Reserve

5h ago•

bullish:

bearish:

According to recent information provided by Bloomberg Government, Arizona has become the first state in the US to approve Bitcoin reserve bill and use Cryptocurrency in government finances. The lawmakers had passed two important bills, which are Senate Bill 1025 and Senate Bill 1373, that plan to create the country’s first state Bitcoin reserve.

If Governor Katie Hobbs signs this bill, then Arizona will be able to invest up to 10% of its public money in Bitcoin and other digital assets; this shows a big shift toward using Blockchain technology in managing state funds.

Arizona Leads with First Bitcoin Law

On April 28, Two bills were approved by the Arizona House of Representatives; together, they are called the Bitcoin Reserve Bill. Senate Bill does all the groundwork that will be used to hold Bitcoin and other Blockchain assets that are easily tradable. The funds will also include seized crypto assets and any future money that is set aside by the lawmakers.

A strong set of rules and protection helps the Bitcoin Reserve Bill to stand out. It is mandatory that both bill transactions can be directly traced on the Blockchain; it follows strict risk management standards and stays fully open and transparent.

This mix of bold investing with careful supervision is created to keep the taxpayer’s money safe while updating the ways for states to manage their Finances.

Up to $3.1 Billion in Digital Assets

According to the latest state financial report, Arizona’s treasury is controlling more than $31 billion in public funds. As the Bitcoin Reserve Bill allows for investment up to 10%, nearly $3.1 billion might go into digital assets.

At the current price, Bitcoin was trading around $95,000; after the vote, Arizona could buy more than 30,000 BTC, which makes it one of the largest institutional holders of Bitcoin in the United States.

Financial analyst Jenna Kim said that if Arizona goes ahead with this plan, then it might end up holding more Bitcoin than most countries. She said that it is a bold move for the state and it might inspire other states to do the same.

Support and Skepticism

People on social media have shown both concern and excitement. On Reddit, one of the users named u/DesertMiner wrote that Arizona has just made a big move. This might bring lots of new crypto companies here.

Another user named u/SkepticalCivic was more worried and said that putting retirement money in Bitcoin can be risky, no matter how it is explained.

Governor Hobbs Holds the Final Say

Now, everyone is waiting for Governor Katie Hobbs’s decision. Earlier, she had said that she would reject all new laws until the disability funding was handled, but she had dropped that threat after a deal was made on April 24.

Hobbs has not yet said whether she supports or opposes the Bitcoin Reserve Bill, but soon, the decision will be made. Arizona will be the first state in the U.S. to officially keep Bitcoin as part of its public savings if Governor Hobbs signs the bills.

Conclusion

The Bitcoin Reserve Bill is a big step not only for Arizona but also for the whole country. It is planning to invest billions in Bitcoin and with stronger safety rules, Arizona might inspire other states to do the same. Now, everyone is watching to see if the governor will approve the bill or not.

FAQs

1. What did Arizona’s lawmakers recently approve regarding Bitcoin?

On Monday, Arizona’s lawmakers approved the two Senate Bills to create the Bitcoin Reserve.

2. How will this Bitcoin reserve bill help Arizona’s financial position?

The Bitcoin reserve bill passed on Monday will help the state to invest a maximum of 10% of its government funds in Bitcoin and altcoins.

3. What is Senate Bill 1025, and how will it help Arizona if approved?

It is the Strategic Bitcoin Reserve Act passed by the state’s lawmakers, which, if approved by the governor, will allow the state to invest a part of its public funds in cryptocurrencies

4. What does the second Bill, named Senate Bill 1373 discuss?

Senate Bill 1373 discusses the state’s creation and management of a Digital Assets Strategic Reserve Fund, which includes digital assets such as Bitcoin.