- Arizona could become the first state with a strategic Bitcoin reserve, pending Governor Hobbs’ approval of two recently passed House bills.
- Representative Weninger claims 15 other states are considering similar legislation allowing state treasurers to invest up to 10% in cryptocurrencies, primarily Bitcoin.
- Six states including Wyoming and Oklahoma have already faced obstacles in establishing Bitcoin reserves, with several proposals failing by narrow margins.
- At the federal level, President Trump signed an executive order exploring a Strategic Bitcoin Reserve, though it requires “budget-neutral” implementation methods.
Pending the Governor’s approval, Arizona is set to become the first state with a strategic Bitcoin reserve. The Arizona House of Representatives has just passed two initiatives that will offer separate ways of stockpiling BTC.
It was a narrow vote though, with Senate Bill 1025 (SB1025) passing with 31 yes votes and 25 against. Bill SB1373 – an effort for a state-level digital assets reserve, which could include Bitcoin and other cryptocurrencies – passed with 37 votes in favour and 19 against.
Related: New SEC Chief Welcomes Congressional Support as Crypto Regulation Bills Advance
Other States to Also “Probably Mainly” Invest in Bitcoin, Says Rep Weninger
State Representative Jeff Weninger stated that “15 other states are considering the same legislation nationwide”, which would allow state treasurers to “invest up to 10% into, probably mainly Bitcoin but other things as well”.
There are currently several similar initiatives at the US state level, but even in Arizona they’re not in the clear yet. Governor Katie Hobbs has already hinted that she may be opposing any bill reaching her office.
Earlier this month, a bill introduced in the Oklahoma Senate Revenue and Taxation Committee, failed to pass and ended in a narrow 6-5 vote against a Bitcoin reserve. The state joined five others that day which have rejected a strategic Bitcoin reserve.
The states of Wyoming, Montana, South and North Dakota, as well as Pennsylvania have all hit obstacles to establishing reserves, while several others still deliberate on the issue.
Trump Signs Executive Order; Saylor Continues Buying Spree
On March 6, US President Donald Trump signed an executive order that looks at establishing a Strategic Bitcoin Reserve on a federal level. Much to the dismay of Bitcoin enthusiasts, the order did not specify how and if BTC would be added to the stockpile, and said government offices should find “budget-neutral” ways to do so.
Related: World’s First Spot XRP ETF Launches on Brazil’s B3 Exchange
Meanwhile, the company that currently best resembles a corporate Bitcoin reserve, MicroStrategy, has added more of the coin to its coffers. Michael Saylor’s firm bought 15,355 BTC and now holds a total of 553,555 BTC, currently valued at US$52.3 billion (AU$81.5 billion).
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