Arizona considers Bitcoin ETFs for pension funds

The Arizona State Senate is considering introducing Bitcoin Spot ETFs approved in January into the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS). The legislative proposal has already passed by 16 votes to 13 with one abstention, but has yet to go to the House of Representatives for review.

The main argument for Bitcoin in pension funds: risk diversification, diversification and a hedge against inflation. Meanwhile, Bitcoin is not new territory in the Grand Canyon State. Back in January 2022, Senator Wendy Rogers wanted to make Bitcoin - alongside the U.S. dollar - a legal tender. However, the bill was not successful.

Since their launch, the Bitcoin Spot ETFs have withdrawn more than 350,000 BTC from the market. This makes the new investment products from the companies BlackRock and Fidelity a complete success and shows that both institutional investors and government organizations are interested in the cryptocurrency.