The Arizona House will vote on bills SB1373 and SB1025, allowing the state to invest up to 10% of its funds in Bitcoin and cryptocurrency. If passed, Arizona could be the first US state to officially include Bitcoin in its treasury and retirement systems, potentially encouraging other states to follow suit. Bitcoin has recently seen recovery, trading at $93,819.29.
Today, the Arizona House of Representatives is set to cast a critical vote on two legislative proposals: SB1373 and SB1025. These bills, sponsored by Senator Wendy Rogers and State Representative Jeff Weninger, aim to allow the state to allocate a portion of its funds to Bitcoin and other cryptocurrencies. Should they pass, Arizona would make history as the first state in the U.S. to officially incorporate Bitcoin into its government treasury and retirement systems.
Under these bills, Arizona could invest up to 10% of its state funds in Bitcoin and various other digital assets. Supporters argue that this could pave the way for other states, potentially modernising governmental investments and helping cryptocurrency’s broader adoption. Advocates are hopeful that Arizona’s move might be a blueprint for others looking to invest in the digital currency sector.
This vote is particularly timely, as Bitcoin appears to be making a comeback. According to recent figures, Bitcoin is currently trading at $93,819.29, boasting a market capitalisation of about $1.86 trillion, with a dominant 63.45% share in the cryptocurrency market. Although Bitcoin’s price has seen a dip of 8.80% over the past three months, it has bounced back by 7.71% just this past week.
Dennis Porter, co-founder of the Satoshi Act Fund, weighed in on the matter, suggesting that if these bills pass, Arizona could lead the way in state-level Bitcoin investment. Furthermore, research from Coincu indicates that a successful adoption in Arizona might encourage other states to implement similar measures, significantly strengthening cryptocurrencies’ role in the financial landscape of the United States.
In summary, today’s vote has the potential to be a landmark moment for Bitcoin, particularly within the realm of governmental finance. This could signal a shift towards mainstream acceptance, especially at the state level.
Also Worth Noting: Similar Bitcoin reserve bills have already received approval in New Hampshire and Florida.
