Arizona Katie Hobbes has transferred a legislative bill that would allow the Bitcoin Reserve to be established. Grand Canyon joins a growing list in other American states, as legislative efforts to direct government investment to Bitcoin have proven that it is useless.
The Governor Hobbes says that bitcoin is an unspeakable investment
in Executive message On May 2, Katie Hobbes, of Arizona State, the Senate 1025 draft law, which aims to allow the adoption of digital assets as part of the state’s official reserves.
Specifically, SB 1025 had allowed the Ministry of Arizona to allocate 10 % of its managed assets in Bitcoin and other virtual assets. Moreover, the draft law also suggested establishing a strategic reserve fund for the digital assets designed to retain all the seized encryption assets from criminal and illegal operations.
It is worth noting that the Senate in Arizona, headed by Hun. Warren Petersen agreed to the bill in a strongly disputed vote 31-25 on April 29 in a move to become the first state to create a bitcoin reserve after the US federal government.
However, the Governor Hobbes agreed with the opposition voices and rejected SB 1025 provisions when submitting executive approval. The former social worker and commander of the minority in the Senate told the Senate Speaker Petersen, noting the credibility of digital assets as investment.
The governor of Arizona said:
Today, I objected to the Senate Bill 1025. The retirement system in Arizona is one of the strongest nation in the country because it makes sound and enlightened investments. Arzonan retirement funds are not the place for the state to experience unspecified investments such as virtual currency.
After this development, Arizona graduated from the race to the first American state to create the Bitcoin Reserve after pushing by the Donald Trump administration to create a friendly friendly environment in the United States.
Sixteen American states submitted legislation related to the creation of Bitcoin reserves. The states such as New Hampshire, North Carolina, have succeeded. Meanwhile, states such as Oklahoma, Pennsylvania, North Dakota, Woewang, Montana and South Dakota, and now, the proposed reserve law has been rejected.
Overview of the encryption market
At the time of the press, the value of the total encryption market is $ 2.99 trillion after a decrease of 0.82 % last day. Meanwhile, its total trading volume is now $ 48.77 billion.
Bitcoin, the first cryptocurrency, has witnessed a recovery in the market in the past two weeks, and its value is now estimated at $ 96.011. It also followed other higher encryption assets, including ETAREUM, Solana and XRP, the leading cryptocurrency, as it reported gains of 2.11 %, 26.75 % and 6.88 % last month.
Distinctive image from Istock, tradingvief chart
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