Alright, so Arizona’s going all in on Bitcoin. In June, Governor Hobbs signed legislation creating a Bitcoin reserve fund. To be frank, I was both delighted and existentially horrified by that announcement. It’s as awkward and uncomfortable as watching your grandma figure out TikTok – well-intentioned, but likely to end poorly.

Bitcoin Hype, Whose Benefit Though?

Let's be real. This "digital gold" narrative? It stinks to high heaven of the get-rich-quick scams that have preyed on desperate folks for years. This time, it’s got a shiny new tech veneer. OK, so sure, some guys are making bank on Bitcoin, but who’s banking on them? Odds are, it’s not your typical Arizonan living paycheck to paycheck and fighting hard to make rent or put food on the table. It seems more like state resources are being appropriated for the benefit of crypto bros.

We love the “innovation” vibes right now. I can not help but feel that we are creating a digital house of cards. The worth of Bitcoin is incredibly unpredictable – more amusement park ride than smart financial gamble. What occurs when (not if) this market does ultimately crash? Will Arizona taxpayers be the ones stuck with the costs? Will they propose cutting social programs to make up the losses from their failed gamble on magic internet money?

Retirement Gamble or Responsible Investing?

In July, Governor Hobbs vetoed a bill that would have permitted the state’s retirement system to invest in cryptocurrency. So thank goodness he did! She characterized virtual currency as an “untested investment”—which, as an investment, she is accurate in describing. Giving our retirement funds to the Bitcoin deities? Talk about anxiety-inducing. I’d prefer to bet my future on the services of a mildly overzealous investment banker than on anything offered by the world of crypto.

Yet even that initial veto does not assuage my concern entirely. The Bitcoin reserve fund still represents a pretty cavalier and risky venture that calls into more fundamental question where we are prioritizing our investments. Former President Trump vowing to create a new strategic bitcoin reserve? New Hampshire jumping on the bandwagon? It’s a dangerous trend, indeed.

Climate Crisis or Crypto Craze?

Here's where the "unexpected connection" comes in. As our politicians go off chasing the Bitcoin dream, the planet is burning up. Bitcoin mining is an ecological disaster, exacerbating the same climate crisis that will disproportionately impact my generation. How can we, with a clear conscious, use public funds to invest in something that is intentionally exacerbating the issue.

At the same time, climate deniers are trying to address that fire with gasoline. The cognitive dissonance is staggering. We are trading away our children’s future for short-term profit. In the meantime, we continue to make noise about “innovation” and “financial freedom.”

Whose Values Are We Signalling Here?

This latest move is alarming because it further demonstrates a shift in priorities away from transit. We're prioritizing speculative investments over real-world needs. We’re stacking the deck in favor of a handful of special interests at the expense of everyday Americans. What we’re really sending is a message that environmental sustainability and social justice are the second and third priorities.

The article further discusses Wisconsin’s pension fund investment in Bitcoin. Okay, and? Just because anyone else is doing it doesn’t make it okay. It only means millions more are at risk of sleepwalking into a financial and environmental disaster.

Let's be blunt, Arizona. There are smarter investments to create an inclusive economy and prosper—which start with rejecting this dangerous Bitcoin bet. We can provide experiences like free, quality early childhood education, access to renewable energy, affordable housing, and a strong social safety net. These are the things that will truly make a difference in people's lives, not some volatile digital asset that's as likely to vanish as it is to moon.

I'm not saying Bitcoin is inherently evil. For these reasons I fear that our government is being tone-deaf and reckless. Behind this misguided approach lies a deep betrayal of the values that ought to inspire all of our choices. It's time to wake up and demand a better future – one that's not built on the shifting sands of the crypto Wild West. Just don’t overlook the lost voices among in this entire process. The low-income American families who still don’t have the luxury to make crypto their potential lottery ticket. These communities of color that are already hit first and worst by climate change. Are we truly doing right by them if we continue pursuing this Bitcoin mirage? I think not. This case is not only a matter of money, it’s a matter of justice.