Senator and Bitcoin supporter Wendy Rogers, who co-sponsored the bill, reacted strongly: “Bitcoin doesn’t need Arizona. Arizona needs Bitcoin.” The proposal aimed to use seized funds to invest in Bitcoin and create a state-managed crypto reserve.

Crypto Advocates Say Politicians Don’t Understand The Future

Casa co-founder Jameson Lopp responded by saying, “This will age poorly.” Bitcoin advocate Anthony Pompliano commented, “Imagine the ignorance of a politician thinking they can make investment decisions.”

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Attorney Andrew Gordon added, “We need more elected officials who understand that Bitcoin and crypto are the future.” Rogers emphasized that Arizona’s retirement fund already holds MicroStrategy (MSTR) shares, which she described as “basically a leveraged Bitcoin ETF.” The stock rose 32% in April, marking its best performance since November 2024.

Rogers confirmed she would reintroduce the bill in the next legislative session, saying, “Arizona’s Strategic Bitcoin Reserve bill will be back. HODL.”

More States Struggle With Crypto Legislation

Had it passed, Arizona would have become the first U.S. state to create a Bitcoin Strategic Reserve. Instead, it joins other states like Oklahoma, Montana, South Dakota, and Wyoming, where similar efforts have stalled or failed.

Prominent crypto critic Peter Schiff supported Hobbs, stating, “Governments shouldn’t use public funds to speculate on cryptocurrencies.”

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Alabama Senator Tommy Tuberville Proposes Allowing Retirement Funds to Be Invested in Cryptocurrencies

Alabama Senator Tommy Tuberville plans to introduce a bill that would allow retirement funds to be invested in cryptocurrencies. Speaking to Fox Business Live, Tuberville emphasized that America is the “land of freedom” and criticized the Joe Biden administration, claiming that it “hammered the American people with regulations.”

Tuberville said, “Tomorrow, I will introduce a bill called the Financial Freedoms Act, and it will allow families and individuals to invest their retirement funds in crypto.” He also praised the current Trump administration, referring to him as the “Crypto President.”

The senator noted that the Biden administration has shown little interest in cryptocurrencies, saying that the previous government “tried to control how Americans invest their money.”

Financial Freedom Act Bill First Introduced in 2022

The Republican senator plans to reintroduce the bill, which he first introduced in May 2022. The bill aims to reverse any Department of Labor (DOL) guidelines that restrict the types of investments self-directed 401(k) account investors can select through a brokerage window. Tuberville previously stated, “Interfering with 401(k) investments hinders financial growth and restricts personal liberty.”

Johnson: Cryptocurrencies as an “Independent, Alternative Asset Class”

Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C., argued that cryptocurrencies should be part of 401(k) plans. Speaking to CNBC, Johnson referred to cryptocurrencies as “an independent, alternative asset class,” and recommended that investors allocate between 2% to 8% of their portfolios to crypto.

However, Amy Arnott, a portfolio strategist with Morningstar Research Services, warned that adding crypto to a 401(k) plan would “significantly increase retirement risk.” Arnott added that investors “could face significant losses at the wrong time.”

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The university will raise over $5 million for a Bitcoin fund as part of its $200 million endowment fund.

“We don’t want to be left behind when [cryptocurrency’s] potential materializes dramatically,” Chun Lai, the foundation’s chief investment officer, told FT, according to a Feb. 9 report.

The news of this fund comes after Emory University revealed three months ago that it had accumulated over $15 million worth of Bitcoin through Grayscale’s spot Bitcoin exchange-traded fund (ETF), making Emory the first U.S. university endowment to report holding Bitcoin ETFs.

University of Austin Targets 5-Year Bitcoin Holding Strategy

The University of Austin aims for a minimum five-year Bitcoin holding strategy, according to Chad Thevenot, senior vice president for advancement at the university, who said:

“We think there is long-term value there, just the same way that we might think there is long-term value in stocks or real estate.”

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This move highlights the growing appetite for digital asset exposure, with more institutional funds adopting multi-year holding strategies.

Crypto Adoption Expands Beyond Financial Institutions

The increasing adoption of cryptocurrencies is not just limited to financial institutions. Retirement funds are also showing a growing interest in digital assets, with a shift in perspective among younger generations.

According to a Bitget Research report shared with Cointelegraph, up to 20% of Gen Z and Alpha are open to receiving pensions in cryptocurrency. Moreover, 78% of respondents expressed greater trust in “alternative retirement savings options” over traditional pension funds, marking a significant shift towards decentralized finance and blockchain-based solutions.

The report emphasized that 40% of individuals in these age groups had already invested in cryptocurrency by January 2025.

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