The crypto community will certainly not be happy with the Arizona governor's decision, but if one looks at the Arizona constitution, she is doing her duty and abiding by the state constitution. By constitution, they are not allowed to invest in high-risk speculative assets and are not allowed to reduce the value of the fund. Meanwhile, bitcoin is highly volatile and considered a speculative asset, which clearly does not fit the criteria of the state constitution.
You are right, she is just being cautious and prioritizing capital preservation over profit.
More time is needed for a different perception of BTC and to allow to go full-on investment mode for many states and countries alike.
But we have all the time in the world to see it happen, we just need to wait. r
