Arizona Governor Vetoes Bitcoin Reserve Bill Amid Volatility Concerns
Governor Katie Hobbs of Arizona has vetoed the Strategic Bitcoin Reserve legislation, citing concerns over Bitcoin’s volatility and unproven track record as a state-held asset. This decision overrides bipartisan support from state lawmakers, marking a significant setback for cryptocurrency adoption in public finance. The governor’s office emphasized that Bitcoin remains an untested investment vehicle for institutional portfolios, highlighting the risks associated with its price fluctuations. This move halts what could have been a pioneering step in U.S. public finance, reflecting ongoing skepticism about cryptocurrencies’ stability as reserve assets.
Arizona Governor Vetoes Bitcoin Reserve Bill Over Stability Concerns
Governor Katie Hobbs has rejected Arizona’s Strategic Bitcoin Reserve legislation, citing the cryptocurrency’s unproven track record as a state-held asset. The veto overrides bipartisan support from state lawmakers, halting what would have been a pioneering move in U.S. public finance.
"Bitcoin remains an untested investment vehicle for institutional portfolios," the governor’s office stated, emphasizing volatility risks. The decision deals a blow to crypto advocates who viewed Arizona as a potential leader in blockchain-based treasury management.
Market analysts note the veto reflects growing institutional caution amid Bitcoin’s price fluctuations, despite increasing adoption by corporate balance sheets. The cryptocurrency’s 60-day volatility stands at 45%, nearly triple that of traditional reserve assets like gold.
Bitcoin Price Predictions for 2025: Bullish Forecasts Range from $122K to $700K
Bitcoin’s price trajectory continues to captivate investors, with top forecasts for 2025 spanning $122,000 to an audacious $700,000. The lower bound of predictions—$122,000 (10x Research), $150,000 (CFO-X Survey), $180,000 (VanEck), and $135,000–$285,000 (21st Capital)—reflects institutional roadmaps, technical rallies, and sentiment indices. VanEck’s projection notably includes a cautionary note on potential retracements.
These forecasts underscore a broader narrative of institutional adoption and market maturation. While the $700,000 outlier captures headlines, the consensus among analysts clusters around the six-figure range, anchored by macroeconomic trends and Bitcoin’s hardening role as a store of value.
UK Regulator Proposes Ban on Crypto Purchases Using Credit Cards
The UK’s Financial Conduct Authority has unveiled a proposal to prohibit retail investors from buying cryptocurrencies with borrowed funds, including credit cards and loans. The move reflects growing regulatory concerns over consumer debt risks in speculative digital asset markets.
Bitcoin and other crypto assets would fall under the ban, which the FCA characterizes as a protective measure against high-risk investments. The discussion paper explicitly warns of potential financial harm to consumers engaging in Leveraged crypto trading.
Bitcoin (BTC) Price Key Accumulation Structure Unfolds
Bitcoin reclaimed the $97,000 level yesterday, forming an accumulation structure reminiscent of past bullish rallies. The BTC/USD pair touched an intraday high of $97,182 before settling at $96,139.61, approaching critical horizontal resistance.
Market analysts point to a global macroeconomic backdrop as the catalyst for Bitcoin’s latest surge. CryptoQuant data reveals a notable accumulation trend among short-term holders, mirroring patterns observed before major price advances in 2024.
"The current accumulation structure bears striking resemblance to pre-rally formations we’ve documented," noted CryptoQuant analyst Crypto Dan. Similar structures emerged in January and October during previous market cycles.
Arizona Governor Vetoes Bitcoin Reserve Proposal
Arizona Governor Katie Hobbs has rejected a bill that sought to establish a state Bitcoin reserve, marking another setback for crypto adoption at the state level. The vetoed legislation proposed using seized funds to purchase BTC, positioning Arizona as a potential pioneer in state-held crypto reserves.
The decision reflects growing tensions between progressive crypto policies and traditional financial caution. While North Carolina advances limited digital asset legislation, Wyoming and Oklahoma have similarly rebuffed Bitcoin reserve proposals. This state-level fragmentation contrasts with ongoing federal discussions about Bitcoin reserves.
Governor Hobbs justified the veto by citing concerns over allocating retirement funds to "untested" cryptocurrency investments. The move underscores the regulatory challenges facing institutional crypto adoption, even as Bitcoin continues gaining mainstream financial recognition.
