On Monday, the Arizona state legislature passed two bills that could establish the nation’s first state Bitcoin reserve, pending approval from Democratic Governor Katie Hobbs. These bills, primarily supported by Republican lawmakers, would permit Arizona to invest up to 10% of its public funds—over $30 billion in state-managed assets—in digital assets, including Bitcoin. If Hobbs signs the bills, Arizona would be the first state to create such a reserve; however, they will be nullified if she chooses to veto them.
Republican state Senator Wendy Rogers, a sponsor of one of the bills, emphasized the popularity of cryptocurrency, particularly among younger voters, arguing that signing the bills would enhance Hobbs’ reputation. Her comments come in the context of President Donald Trump’s recent advocacy for a “strategic crypto reserve,” which has garnered mixed responses, as some supporters are wary of potential volatility associated with lesser-known cryptocurrencies he mentioned.
Political consultant Barrett Marson noted that the Arizona GOP tends to align closely with Trump’s policies, suggesting that Arizona Republicans are actively trying to replicate his initiatives at the state level. He expressed uncertainty about whether Hobbs will support or veto the legislation, explaining that the volatile nature of cryptocurrency will likely play a role in her decision. Despite concerns regarding Bitcoin’s fluctuations, Rogers remains optimistic, citing its long-term growth and portraying it as a hedge against inflation, though she acknowledged that other cryptocurrencies require individual assessment. The outcome now hinges on Hobbs’ decision.
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