Arizona: 1st US State Poised to Vote on Creating a Bitcoin Reserve!

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Arizona senators are making history by potentially becoming the first US state to vote on legislation authorizing the investment of state funds into Bitcoin.

The Arizona Strategic Bitcoin Reserve (SBR) Act, has now passed through committee, propelling it closer to becoming a reality. Dennis Porter, CEO and founder of the Satoshi Act Fund, broke the news on X, stating, “I can confirm that Arizona has become the 1st state in the nation to pass out of committee a bill to create a ‘Strategic Bitcoin Reserve’.”

🏜️Crypto Capital: Arizona Takes a Leap

The bill, should it pass, would allow a “public fund” up to invest 10% of its assets in BTC. The public monies under management by the State Treasurer or state retirement system would be eligible for this investment.

Should the US Treasury decide to establish a Strategic Bitcoin Reserve (SBR) for the storage of government Bitcoin holdings, a public fund may store its virtual currency holdings in a secure segregated account within this federal reserve.

With the Arizona general fund managing $28 billion and the state retirement system holding $50 billion, this would potentially allow a major influx of capital into digital assets.

Appear to be on the brink of a new epoch, with Porter indicating that eleven US states have introduced their own reserve bills and at least 15 are poised to follow. 🚀

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2025-01-28 14:12