Arizona Takes A Risky Leap Into Bitcoin with Strategic Reserve Bill

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In a move that can only be described as either wildly visionary or utterly reckless (depending on which side of the fence you sit on), Arizona has just moved a step closer to establishing the first Bitcoin reserve at the state level in the United States. Yes, you heard that right: public funds, a good chunk of them, could soon be tied up in Bitcoin. The state legislature has passed two crucial bills that allow up to 10% of public funds to be invested in Bitcoin and other digital assets. The only thing standing between Arizona and Bitcoin glory now is the signature of Governor Katie Hobbs. No pressure, Governor. No pressure.

Arizona Legislature Advances Bitcoin Reserve Bills

On April 28, as the dust settled in the Arizona House of Representatives, two bills sailed through the legislative process. Senate Bill 1025 (SB1025) and Senate Bill 1373 (SB1373), designed to establish a Bitcoin reserve, passed with surprisingly favorable votes. SB1025, which modifies state statutes to allow for a strategic Bitcoin reserve, passed with 31 votes in favor and 25 against. SB1373, which expands the idea to include a broader digital asset reserve, passed with 37 votes in favor and 19 opposed. A rare moment of unity in the political landscape – who would have thought?

State Representative Jeff Weninger, the man behind this audacious move, explained that the bill provides authority to invest up to 10% of public funds in Bitcoin (and potentially other cryptocurrencies). “I think this probably would start as a ‘may’ for the foreseeable future,” Weninger casually remarked. Sure, start with ‘maybe’ – because why not gamble public funds on a volatile digital asset?

With this bill, Arizona could become the first state in the U.S. to officially hold Bitcoin as a strategic asset, ahead of other states scrambling to keep up. But not everyone is on board with this move, especially some economic bigwigs like Peter Schiff. But hey, who needs traditional economics when you’ve got blockchain, right?

Governor’s Decision Will Determine Final Outcome

Governor Katie Hobbs, a Democrat, has previously stated her opposition to signing any bills until disability funding issues were resolved. But now, with pressure mounting, especially after recent developments in the funding legislation, Hobbs might just be swayed. After all, what’s a little digital currency on top of all the other pressing state issues?

According to Dennis Porter, the CEO of the Satoshi Action Fund, American voters should rally to convince their leaders to adopt strategic Bitcoin reserves. “It’s time for the U.S. to make this happen,” Porter urged. This is a serious moment in history, people. (Well, at least for the Bitcoin enthusiasts.)

ARIZONA JUST BECAME THE FIRST STATE IN THE NATION TO PASS STRATEGIC BITCOIN RESERVE LEGISLATION IN THE HOUSE AND SENATE.

ONTO THE GOVERNOR’S DESK!

— Dennis Porter (@Dennis_Porter_) April 28, 2025

So, as the ball now rests firmly in Governor Hobbs’ court, Arizona’s fate in the Bitcoin game hinges on her signature. Some are even touting Bitcoin as a hedge against inflation. As though the whole world isn’t already in chaos.

Meanwhile, in the land of the sane, Martin Schlegel, the Chairman of the Swiss National Bank, has made it clear that Switzerland will not be adopting Bitcoin as a reserve currency. No, Switzerland prefers a more stable, traditional approach. Schlegel’s reasons? Crisis-related liquidity issues and the wild volatility of Bitcoin. Because, naturally, relying on a currency that swings as wildly as a rollercoaster is everyone’s idea of a good time, right?

Global Trends on Government Bitcoin Holdings

Arizona’s move comes at a time when governments around the world are backing away from Bitcoin. According to CoinGecko’s April 2025 report, global government Bitcoin holdings have taken a nosedive, dropping from 529,591 BTC in July 2024 to 463,741 BTC. So, good luck with that, Arizona!

The U.S. is still holding the largest government stash with 198,012 BTC, but don’t get too excited, as recent liquidations have taken a chunk of that away. China follows closely with 194,000 BTC, mostly seized from the notorious PlusToken Ponzi scheme. The UK is hanging on to around 61,000 BTC, courtesy of criminal seizures, while Bhutan has managed to mine 8,594 BTC. Not bad for a tiny Himalayan kingdom.

El Salvador, of course, remains the Bitcoin enthusiast of the group, continuing to accumulate Bitcoin under the watchful eye of President Nayib Bukele. The country now holds 6,135 BTC and plans to keep stacking. Because why not, right? Every little bit helps when you’re trying to build a national treasure chest out of digital gold.

Meanwhile, on the corporate side, MicroStrategy, the company that has turned Bitcoin into a full-fledged obsession, has just acquired 15,355 BTC for a cool $1.42 billion. Their total holdings? A whopping 553,555 BTC, valued at around $52.76 billion. Because, really, who doesn’t want to own a digital asset that could go to the moon or crash into the earth at any moment?

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2025-04-29 02:09