Today, the Arizona House of Representatives will take a final vote on two significant bills: SB1373 and SB1025.
The bills, sponsored by Senator Wendy Rogers and State Representative Jeff Weninger, seek to enable the state to invest some of its funds in Bitcoin and other cryptocurrencies. If approved, Arizona would become the first U.S. state to include Bitcoin as an official component of its government treasury and retirement systems.
The bills would let Arizona invest up to 10% of its state funds into Bitcoin and other digital assets. Its backers see this step as potentially setting an example for the other states. It might also be used to modernize investment by governments and get more extensive adoption of cryptocurrency.
This vote comes at a time when Bitcoin is showing signs of recovery. As of today, Bitcoin is trading at $93,819.29, with a total market value of about $1.86 trillion and a strong 63.45% dominance in the crypto market. While Bitcoin’s price declined by 8.80% over the last 90 days, it has recovered by 7.71% in the last week.
Experts such as the co-founder of Satoshi Act Fund, Dennis Porte,r say that should the bills be enacted, Arizona would take the lead among all states in state-level investment in Bitcoin.
A study conducted by Coincu also predicts that success in Arizona will stimulate other states to emulate similar policies and further augment the position of cryptocurrencies in the United States’ financial system.
In total, the vote today can be a big step towards pushing Bitcoin towards mainstream finance, particularly at the state government level.
Also Read: Bitcoin Reserve Bills Passed in New Hampshire and Florida
