US President Trump's friendly attitude towards cryptocurrencies has made the vision of "the US establishing a Bit strategic reserve" a potential reality. Wyoming Republican Senator Cynthia Lummis, who has long supported cryptocurrencies and suggested at last year's Bitcoin 2024 conference that the US should buy 1 million BTC within five years, was recently announced as the chair of the Senate Banking Subcommittee on Digital Assets, further increasing the likelihood of the US establishing a Bit reserve.
Arizona Senate Approves Bit Reserve Bill
Against this background, according to a report from Crypto Briefing yesterday (28th), the Arizona State Senate Finance Committee passed a Bill related to using state public funds to invest in cryptocurrencies such as Bit, with a vote of 5:2 on January 27.
The Bill, known as SB1025 or the "Arizona Strategic Bit Reserve Act", was co-sponsored by Wendy Rogers and Jeff Weninger. The Bill plans to allocate up to 10% of Arizona's public funds, including funds held by the State Treasury and retirement systems, to invest in cryptocurrencies such as Bit.
The Bill also proposes that if the State Treasurer establishes a government-held Bit reserve, these digital assets will also be stored in a segregated account within a potential federal government Bit strategic reserve.
Currently, after being passed by the Senate, the Bill has been referred to the House Rules Committee for consideration. If the House subsequently passes the Bill, it will officially become law.
How Much Capital Will Flow into Bit?
According to data disclosed on the website of the Arizona Public Safety Personnel Retirement System (PSPRS), the system currently has assets exceeding $20 billion. If 10% of this is used to invest in Bit, it will bring $2 billion in buying power, equivalent to around 20,000 Bits. (In addition to PSPRS, Arizona also has the ASRS state retirement system fund, so the scale may be even larger.)
It is also worth mentioning that if the Arizona House of Representatives ultimately passes the Bill, it will make it the first state in the US to establish Bit reserve legislation, which could also lead the way for other states to eventually pass legislation to establish Bit reserves.
16 US States Are Introducing Bit Reserve Bills
Regarding this news, Dennis Porter, CEO and co-founder of the Satoshi Act Fund, posted on the social platform X stating that he can confirm that at least 15 states in the US will introduce strategic Bit reserve Bills, and it may even be 16:
I can confirm that at least 15 states will introduce strategic Bit reserve Bills, and it may even be 16.
Just a reminder, these things have happened in just three months.
