In a shocking turn in the effort by Arizona law makers to establish a Strategic Bitcoin Reserve, Arizona Governor Katie Hobbs vetoes Senate Bill 1025.
Hobbs states, “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.”
It is clear there are still many in powerful positions who are wholly illiterate in Bitcoin. Apparently an asset worth $100,000, and has a market cap of 2 trillion dollars is “untested”. Arizonans can still individually invest in a clearly tested assest class that even the most prolific investement companies are buying billions of dollars worth. The U.S. federal government still holds over 200,000 bitcoin, and has established a Strategic Bitcoin Reserve.