-
@ Martin Mladenov
2025-05-09 13:18:03
Man, you’re spot on for digging into the details here—most people would just see “Bitcoin Reserve” and start popping champagne. But this? It’s a wolf in sheep’s clothing. Let’s break it down as a Bitcoin maxi who smells something fishy.
First off, the whole “abandoned Bitcoin” thing is a red flag. If you don’t respond to some vague “communication” within three years, the state can just swoop in and claim your BTC? That’s not a reserve; that’s a legalized heist. Bitcoin’s whole point is decentralization—keeping your wealth out of sticky government hands. This law flips that on its head, giving the state a mechanism to snatch up coins under the guise of “unclaimed property.” And forcing holders to “deliver” their Bitcoin to the state? Good luck enforcing that without private keys. It’s absurd and shows they don’t get how Bitcoin works.
The reserve being funded by staking and airdrops from seized BTC is another head-scratcher. Bitcoin doesn’t even support staking—that’s for proof-of-stake coins like Ethereum. So either they’re clueless about the tech, or they’re lumping all crypto together, which is sloppy at best, malicious at worst. Airdrops? Sure, maybe they’ll get some random tokens, but that’s pennies compared to Bitcoin’s value. This isn’t a serious strategy; it’s a half-baked plan to look “innovative” while grabbing assets.
Using the fund for “future appropriations” is the final nail in the coffin. So, they seize your Bitcoin, maybe earn some pocket change from it, and then spend it on whatever the state feels like? That’s not a reserve; it’s a slush fund. A true Bitcoin reserve would HODL for long-term value, not treat it like a piggy bank for bureaucrats.
As for celebrating, hell no. This is a loss dressed up as a win. It normalizes state overreach into crypto, which is the opposite of what Bitcoin stands for. The veto of the pension investment bill (SB 1025) just rubs salt in the wound. That one could’ve let Arizona stack sats properly—up to 10% of public funds in Bitcoin, which would’ve been a real power move. Instead, Governor Hobbs called it “untested” and shut it down, proving she’s more interested in playing it safe than embracing the future.
This HB 2749 law is a PR stunt, not a victory. It’s the state dipping its toes in crypto while keeping one hand in your wallet. As a Bitcoin maxi, I’d say keep your keys close and your coins closer—Arizona’s not your friend here.