Arizona homes pass Bitcoin reserve bill now go to the governor’s table for final signature

Arizona has taken another step towards potential adoption of Bitcoin. The state legislature has officially passed two bills that will allow Arizona to view bitcoin as part of its Treasury reserves.

The Senate Bill (SB) sponsored by Senator Wendy Rodgers in 1025 was passed by SB 1373 sponsored by Senator Mark Finchem, and was passed along with SB 1373 in a 37-19 vote. Both bills attempt to create a strategic Bitcoin reserve for Arizona.

The resolution directs the state to study the potential impact and logistics of adding BTC to its financial holdings, which will make Arizona the first state to officially use Bitcoin as a fiscal asset.

Republican state Senator Wendy Rogers helped lead the idea, and he has been the voice of Bitcoin adoption at the state level. According to CNBC, Rogers refuted concerns about instability and said her belief in the long-term value of Bitcoin said: “I don’t care about the volatility of Bitcoin simply because if you narrow down all the charts on all the charts, it always adds value.”

She further said calling Bitcoin a “held against inflation” reflects the growing popularity of politicians about Bitcoin’s important role in today’s challenging economic environment, as well as statements backed by other Republicans such as Donald Trump Jr.

This is not the first time Rogers has proposed Bitcoin-friendly legislation. In 2022, she introduced SB 1341, which will allow Bitcoin to be used as a fiat tender in Arizona. Unfortunately, this never voted. In 2023, she introduced SB 1239, which will allow the Arizona government to accept payments for Bitcoin as municipal payments. The bill passed the Senate by 16-13 votes, but the committee failed with a 4-5 vote and stopped progress. Her legislative history shows that making Arizona a professional crypto country. With inflation still a major issue, her latest effort may be to land in due course.

While the result has not yet been authorized to purchase Bitcoin, it lays the foundation for what will happen in the near future. If signed by the governor, Arizona would become the first U.S. to officially put Bitcoin into the treasury and could trigger a similar move nationwide.