Arizona Proposal: Include Bitcoin in Retirement Portfolios

Investor interest in cryptocurrencies continues to grow as the Bitcoin spot ETF received approval to list from the U.S. SEC and Bitcoin recently broke through an all-time high of $69,000. These important milestones have led to more and more investors considering cryptocurrencies as part of their investment portfolios.

According to a report from BlockWorks this week, the Arizona Senate has introduced a resolution calling on lawmakers and state pension fund managers to consider allocating a portion of their investment portfolios to Bitcoin spot ETFs. The move reflects the growing importance of cryptocurrencies such as Bitcoin in the financial sector.

The Arizona Senate has approved the resolution

According to reports, the resolution comes less than a month after the U.S. Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF. At present, the Arizona Senate has passed the resolution with a vote of 16:13 and submitted it to the State House of Representatives Finance Committee for consideration.

If passed, the resolution would require the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to jointly develop a report on the feasibility of investing some state retirement system funds in digital asset ETFs, Reporting of risks and potential benefits. The report will include a selection list of asset targets and asset class recommendations.

U.S. Senators Have Supported Bitcoin Pension Plans

In fact, this is not the first time that a U.S. official has suggested including cryptocurrency into a pension investment plan. As early as the end of 2022, U.S. Senator Cynthia Lummis expressed support for Bitcoin as part of a diversified retirement plan, hoping to see the asset included in the U.S. 401(k) retirement plan: I would be happy to ensure that people can include Bitcoin Their retirement fund because it is different from other cryptocurrencies. Because Bitcoin is limited and only 21 million will be mined at most, Bitcoin will rise.

In addition, "BlockWorks" also added that the Houston, Texas Firefighter Pension Fund announced in 2021 that it will invest US$25 million in Bitcoin and Ethereum through the investment management company NYDIG; The Fairfax County Police Retirement System in Virginia also began allocating funds for crypto investments in 2019, including an investment of up to $50 million in Web3 fund Morgan Creek Capital.

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