- Arizona could soon become the first U.S. state to hold a Bitcoin reserve after lawmakers approved crypto investment bills.
- GOP Senator Wendy Rogers urges Governor Hobbs to sign the bills, citing Bitcoin’s growth and strong appeal among youth voters.
- With Bitcoin trading near $95K, Arizona’s move reflects rising political interest in crypto as a legitimate state-held asset class.
Arizona is one step closer to making cryptocurrency history. According to Bitcoin Magazine, the state legislature approved two bills on Monday that would authorize Arizona to create a Bitcoin reserve. If signed into law, Arizona will become the first U.S. state to invest public funds in Bitcoin and other digital assets. The bills allow up to 10% of the state’s over $30 billion in assets to be allocated into crypto.
This move reflects growing political momentum behind Bitcoin at the state level. The legislation mirrors a similar initiative introduced by Donald Trump in March. His proposed national “strategic crypto reserve” included altcoins alongside bitcoin. However, that drew criticism from some Bitcoin purists concerned about volatility.
Rogers Pushes for Bitcoin Backing
Republican State Senator Wendy Rogers, who led one of the bills, downplayed volatility concerns. “If you zoom out on all of the charts, it always increases in value,” she said. Rogers also stated it would be wise for Democratic Governor Katie Hobbs to sign the bills. She emphasized crypto’s broad popularity among youth and independent voters. “She can take credit and it will make her look good,” Rogers added.
Besides her optimism, political analysts remain cautious. Barrett Marson, a Republican strategist in Phoenix, noted GOP lawmakers in Arizona often follow Trump’s lead. “They are always finding a way to replicate that here in the state,” Marson said.
Hobbs Faces Key Decision
Consequently, the decision now rests solely with Governor Hobbs. A spokesperson declined to comment on whether she will approve or veto the proposal. Hobbs will likely weigh the potential volatility of digital assets, especially given the current market landscape.
At the time of writing, Bitcoin trades at $94,647.49, down 0.23% over the last 24 hours. Despite short-term fluctuations, long-term bullish sentiment continues to grow. Moreover, Arizona’s proposal could pave the way for more states to adopt similar strategies. Additionally, the plan signals a shift in how public institutions view Bitcoin. Rather than a speculative asset, it is increasingly seen as a strategic reserve.
