On Feb. 22, the Senate passed the bill in a 16-13 vote to urge the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to monitor further developments in Bitcoin ETFs. After the Senate’s approval, the House of Representatives is reviewing the bill.
The memorandum stresses the need for thoughtful deliberation before including such assets in their portfolios. The Senate prioritizes working with SEC-approved firms for Bitcoin (BTC) ETF listings.
Following recent regulations, ASRS and PSPRS must submit a consolidated report on the conditions, risks, and benefits of including Bitcoin ETFs in their portfolios. The ultimate goal is to equip ASRS and PSPRS with informed insights, potentially diversifying their portfolios and exploring new avenues for growth.
The report, which includes options and recommendations for safe investments, must reach state officials before the commencement of the 57th Regular Session of the Legislature three months later.
Amidst discussions on ETFs, traditional investors are showing a preference for Bitcoin ETFs over gold. While both assets are traditionally viewed as hedges against inflation, recent data unveils a notable divergence in investor behavior.
Gold ETFs witnessed withdrawals of approximately $4.6 billion. At the same time, Bitcoin ETFs approved by the SEC on Jan. 11 attracted a staggering $8 billion in net investments, marking a record debut for these financial instruments.
Following the approval of the spot Bitcoin ETFs, there has been a noticeable surge in interest in Bitcoin. The green light for this ETF has acted as a catalyst, drawing attention to the crypto space. The appeal lies in its accessibility, allowing individuals to engage with Bitcoin without directly owning the cryptocurrency.
