Table of Contents
Toggle
Withdrawal Before the Finish Line
According to previous reports by Zombit, the bill had originally passed its third reading in the Arizona legislature, and there was widespread belief that Arizona would become the first U.S. state to approve a Bitcoin reserve bill. However, it was ultimately opposed by Governor Katie Hobbs at the last moment. Casa co-founder Jameson Lopp stated on social media platform X: “This decision will surely prove to be a mistake in the future.” Noted Bitcoin entrepreneur Anthony Pompliano criticized: “Imagine a politician thinking they can make better investment decisions than Bitcoin—what ignorance. If she (Hobbs) cannot outperform Bitcoin’s performance, she should just buy Bitcoin.” Cryptocurrency lawyer Andrew Gordon called for: “We need more elected officials who understand what Bitcoin and cryptocurrency represent for the future.”
Co-sponsors Express Discontent
The co-sponsor of the bill, Arizona State Senator Wendy Rogers, expressed deep disappointment with the Governor’s veto decision and emphasized: “Politicians do not understand that Bitcoin does not need Arizona; Arizona needs Bitcoin.” Rogers revealed that Arizona’s retirement fund has indirectly ventured into Bitcoin, as it holds shares of Strategy (MSTR), a company that has allocated a significant portion of its assets to Bitcoin. She pledged to reintroduce the bill in the next legislative session and urged supporters to “hold on tight (HODL).”
Public Funds Should Not Be Used to Speculate on Cryptocurrency
However, there were opposing voices supporting Hobbs’ decision. Noted cryptocurrency skeptic Peter Schiff stated: “The government should not use public funds to speculate on cryptocurrency.” Governor Katie Hobbs herself explained in a statement that the veto decision was based on prudent financial management principles. She pointed out: “Arizona’s pension system is one of the most robust in the nation because it engages in prudent and well-founded investments.”