State governments, including Arizona and Utah, are taking steps to invest taxpayer funds in blockchain and digital assets amid a racing competition. Arizona's proposed "Strategic Bitcoin Reserve Act" aims to allow up to 10 percent of state public funds in digital assets, while Utah's amendments enable 5 percent in Bitcoin and stablecoins. Other states like Texas, Wyoming, and Massachusetts are following suit with plans and proposals to diversify their investments into various digital assets, including NFTs, showcasing a significant trend in public finance.
State governments are crawling over each other to be the first to dump their taxpayers' money into the blockchain - a gamble that... the vagaries of the crypto market and the wiles of hackers.
On Tuesday, the Arizona state Senate Finance Committee passed the "Strategic Bitcoin Reserve Act," which would allow state treasurer to invest up to 10 percent of public funds in digital assets.
Utah's Blockchain and Digital Innovation Amendments would allow its treasurer to invest 5 percent of public funds in Bitcoin and certain stablecoins.
Massachusetts recently introduced a bill allowing up to 10 percent of state public funds to be invested in a range of digital assets including cryptos and NFTs.
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