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Arizona Senate Advances Bitcoin Reserve Bill

Coin WorldTuesday, Jan 28, 2025 1:02 pm ET

1min read

The Arizona Senate committee has advanced a bill that would establish a Bitcoin reserve for the state. The bill, introduced by Republican Senator Wendy Rogers, aims to create a strategic reserve of Bitcoin to protect the state's financial interests and provide a hedge against inflation.

The bill, SB1091, would require the state treasurer to invest a portion of the state's budget surplus in Bitcoin. The amount to be invested would be determined by the state legislature and would be subject to annual review. The bill also includes provisions for the safekeeping and management of the Bitcoin reserve.

The bill has been praised by Bitcoin advocates, who see it as a step towards wider adoption of the cryptocurrency. They argue that Bitcoin's decentralized nature and fixed supply make it an ideal store of value and a hedge against inflation. Critics, however, have raised concerns about the volatility of Bitcoin's price and the potential risks associated with investing public funds in a relatively new and untested asset.

The bill is expected to be considered by the full Senate in the coming weeks. If passed, it would mark a significant step towards the wider adoption of Bitcoin by governments and institutions.

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