Arizona Edges Toward Historic Bitcoin Reserve Approval
The post Arizona Edges Toward Historic Bitcoin Reserve Approval appeared on BitcoinEthereumNews.com.
This will allow up to 10% of state funds to be invested in Bitcoin and digital assets. The state-level push also coincides with federal initiatives to create a national crypto reserve. Meanwhile, Michael Saylor’s Strategy expanded its Bitcoin holdings to 553,555 BTC, which is now valued at close to $50 billion. Analysts like Peter Chung of Presto are still very bullish about BTC, and predicted that Bitcoin could still hit $210,000 by the end of 2025, due to healthy market corrections, institutional growth, and Bitcoin’s role as both a high-risk asset and a digital safe haven. Bitcoin Reserve Legislation Gains Momentum in Arizona Lawmakers in the Arizona House of Representatives passed two bills that could enable the state to create a reserve fund using Bitcoin or other cryptocurrencies. During a third reading on April 28, Senate Bill 1025 (SB1025), which proposes amending Arizona’s statutes to allow for a strategic Bitcoin reserve, secured approval with 31 members voting in favor and 25 opposed. A separate but related bill, SB1373, which is aimed at establishing a broader state-level digital assets reserve, passed with a 37–19 vote. Votes for SB 1025 (Source: Arizona State Legislature) State Representative Jeff Weninger spoke on SB1025, and said that around 15 other states are considering similar legislation. He explained that the bill will initially allow, but not require, the state treasurer to invest up to 10% of Arizona’s funds into Bitcoin and other digital assets. He suggested that although uptake might be slow at first, having the legislative framework in place would prepare the state for a future increasingly centered on digital currencies. The passage of these bills is the closest any US state has come to formally adopting a Bitcoin or cryptocurrency strategic reserve. Other states, like New Hampshire, are also advancing similar initiatives, and a…
