Arizona Governor Katie Hobbs has rejected a new law that would have let the state invest in Bitcoin. If it had gone through, Arizona would’ve been the first U.S. state to keep Bitcoin in its savings.
What Was the Plan?
The plan, called Senate Bill 1025, suggested using up to 10% of the state’s money to buy Bitcoin and other cryptocurrencies. It also included creating a special crypto reserve for digital money taken from criminals.
Arizona’s Senate passed the bill in a close vote (31–25) on April 29. Lawmakers who supported the bill hoped Arizona could become a crypto leader in the U.S.
Why Did the Governor Say No?
Governor Hobbs vetoed the bill on May 2. She said that Arizona’s retirement money should be used wisely and not spent on risky things like cryptocurrency. In her words:
“Our state retirement fund is strong because we make smart choices. We shouldn’t gamble that money on something as risky as digital currency.”
Other States Are Trying Too
Arizona isn’t the only state thinking about Bitcoin. So far, 16 states have tried to pass similar laws. A few states like New Hampshire and North Carolina are making progress. But many others — like Oklahoma, Wyoming, Montana, North Dakota, and now Arizona — have rejected the idea.
Why Does This Matter?
Many people in the U.S. want the government to support crypto, especially politicians who think it can help grow the economy or protect against inflation. Even former President Donald Trump has talked about being more crypto-friendly.
But not everyone agrees. In the past, the crypto market has been very unpredictable. For example:
- Bitcoin dropped from $68,000 in 2021 to about $16,000 in 2022.
- Big crypto companies like FTX collapsed, causing huge losses.
- U.S. regulators are still figuring out how to handle crypto laws.
Because of this, many leaders still think it’s too risky to invest taxpayer money in digital currencies.
What’s Happening in the Market?
Right now, the crypto market is worth about $2.99 trillion, which is a small drop from the day before. People traded about $48.7 billion in the last 24 hours.
Bitcoin is currently priced at $96,011, and it’s been going up over the past two weeks. Other popular coins are also rising:
XRP is up 6.88%
Ethereum is up by 2.11% in a month
Solana is up 26.75%
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