Arizona Governor Says “No Thanks” to Bitcoin in State Reserves. Here’s Why!

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So, here’s the deal: Arizona Governor Katie Hobbs just vetoed a bill that could’ve made the state the *first* in the US to hold Bitcoin as part of its official reserves. Yeah, because nothing says “state investment” like a digital coin that’s as stable as a wobbly table. 👀

The bill, officially known as the Digital Assets Strategic Reserve bill (who writes these names?), would’ve allowed Arizona to invest seized funds in Bitcoin (BTC) and set up a reserve managed by state officials. But nope, Hobbs wasn’t having it. According to an update on the Arizona State Legislature’s website, the whole idea is now officially *dead* as of Friday. 🪦

In a statement, Hobbs said, “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments.” Yeah, no surprise there – she’s not exactly rushing to put retirement funds into something as reliable as…well, not Bitcoin. 🏦

She continued, “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.” Because obviously, Bitcoin is totally untested, right? It’s not like people have been talking about it for over a decade or anything. 🙄

The bill passed a final vote in the Arizona House with 31 votes in favor and 25 against. So, yeah, there was a little excitement, but not enough to convince Hobbs. She had already said she’d veto any legislation that didn’t include a bipartisan agreement on disability funding. Guess she’s *really* into that. 🙃

Another Bitcoin Bill? Yeah, Right…

And wait, it gets better! There’s a *companion* bill, SB1373, that would allow the state treasurer to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin. But, spoiler alert: It hasn’t reached a final vote yet. Shocking, right? 📉

Arizona isn’t the only state getting cold feet on the whole “let’s make Bitcoin a state reserve” thing. States like Oklahoma, Montana, South Dakota, and Wyoming have also had similar proposals stall or get completely axed. Maybe Bitcoin’s not the magic solution after all? 🤷‍♂️

Meanwhile, over in North Carolina, things are looking a bit brighter for digital assets. On April 30, the House passed the Digital Assets Investment Act, allowing the state treasurer to invest up to 5% of certain funds in approved cryptocurrencies. So, yeah, some states are still rolling the dice, while Arizona is like, “Nope, I’ll pass.” 😅

And to top it all off, US President Donald Trump and his Republican buddies have been pushing for a federal Bitcoin reserve. Can’t make this stuff up. Trump even signed an executive order in March, calling for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.” Because if there’s one thing Trump loves, it’s a good digital stockpile. 💼💰

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2025-05-03 12:30