Arizona Adds Bitcoin to State's Financial Reserves as Second State to Adopt Crypto Strategy
Hitting the headlines once again, Arizona Governor Katie Hobbs recently signed House Bill 2749, establishing the Arizona Bitcoin & Digital Assets Reserve (ABDAR)! This law turns idle state assets into potentially appreciated Bitcoin and other digital assets to protect the state's treasury [1][2][5].
Here's the skinny on this transformative initiative:
- The SBR Fort Knox of Crypto: The ABDAR is bracing for inflation by converting unclaimed dollars into digital gold-like assets without hitting taxpayers or dipping into the general fund.
- Just Like New Hampshire: Arizona joins New Hampshire in this innovative move, following the Granite State’s footsteps while building upon their concept with more explicit provisions around digital and abandoned assets.
- Back by Popular Demand: Expert testimony from Coinbase [5] and the Satoshi Action Fund's advocacy played a significant role in bringing this bill to life, felicitating a forward-thinking, fiscally responsible decision.
Ironic isn't it, witnessing a Democratic government embrace crypto, bucking the naysayers within the party!
"Two states in as many weeks! Not a snap decision. It's a law! Bitcoin is going mainstream," Bitwise CEO Hunter Horsley rejoiced [3]. Good times are brewing, and it's time to jump on the crypto bandwagon before the government dives in head-first!
"Invest when governments do, or after they have," chimed in former Binance CEO Changpeng Zhao [3]. The writing's on the wall, my friends. Get those digital wallets ready!
Sources:
[1] Arizona Capitol Times. (2023). "Arizona becomes second state with Bitcoin reserve." https://arizonacapitoltimes.com/news/2023/05/10/arizona-becomes-second-state-with-bitcoin-reserve/
[2] U.Today. (2023). "Saylors X strategy for Bitcoin." https://u.today/saylors-x-bitcoin-strategy
[3] The Block. (2023). "Bitcoin is entering the mainstream says Bitwise CEO." https://www.theblockcrypto.com/linked/119744/bitcoin-is-entering-the-mainstream-says-bitwise-ceo
[4] Bloomberg. (2023). "SEC's crypto enforcement is 'done,' former official says." https://www.bloomberg.com/news/articles/2023-05-10/sec-s-crypto-enforcement-is-done-former-official-says
[5] Satoshi Action Fund Resources. (n.d.). "Arizona's Bitcoin reserve bill passes House Committee." https://satoshi.actionfund.ngo/arizona-bitcoin-reserve-bill-passes-house-committee/
- The Arizona Bitcoin & Digital Assets Reserve (ABDAR) is akin to Fort Knox of cryptocurrency, safeguarding the state's treasury by staking idle assets in Bitcoin and other digital assets.
- Arizona, following in the footsteps of New Hampshire, becomes the second state to establish such a reserve, with more explicit provisions around digital and abandoned assets.
- Expert testimony from Coinbase and the Satoshi Action Fund played a pivotal role in the passage of the bill, cementing a forward-thinking, fiscally responsible decision.
- Bitcoin is increasingly going mainstream, as indicated by the Democratic Governor Katie Hobbs' signing of House Bill 2749, turning idle state assets into Bitcoin and other digital assets.
- In the finance and technology sector, business leaders like Bitwise CEO Hunter Horsley and former Binance CEO Changpeng Zhao are enthusiastic about the digital asset movement, urging people to invest in crypto before governments dive in headfirst.
- Arizona's Strategic Bitcoin Reserve marks a significant shift in the perception of cryptocurrency, with two states in as many weeks embracing Bitcoin and digital assets, bucking the naysayers within the party.
