The Arizona state government is facing strong backlash from the cryptocurrency industry and political figures after rejecting a bill that would allow the state to hold Bitcoin (BTC) as an official reserve asset. After Arizona Governor Katie Hobbs vetoed the bill, major Bitcoin supporters criticized it as a historically wrong decision.
Jameson Lopp, co-founder of Casa, a personal wallet service operating Bitcoin nodes, strongly criticized, "This decision will be regretted for a long time." Anthony Pompliano, a famous Bitcoin investor, also showed a mocking response, saying "It is ignorant to believe that politicians can make investment decisions on their own."
Pompliano went on to point out that "if you can't keep up with Bitcoin's returns, it's better to buy it," emphasizing Bitcoin's long-term asset superiority. He also added that government leaders have entered an era where they can no longer ignore digital assets.
Cryptocurrency specialist lawyer Andrew Gordon also raised his voice, saying "More politicians are needed who recognize that Bitcoin and cryptocurrencies are the future." As the US administration recently seeks policy shifts with a pro-cryptocurrency stance, conservative approaches at the local government level are gaining more attention in the market.
At a time when the Trump administration was showing movements to incorporate digital assets including Bitcoin into the institutional framework at the federal level, this state government decision is causing ripple effects. This case once again highlights the institutional stance differences surrounding Bitcoin in the United States and could influence policy directions of other states and the federal government in the future.
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