- Florida investigates creating a Bitcoin reserve and converting surplus and pension assets to bitcoin.
Samuel Armes, President of the Florida Blockchain Business Association (FBBA), announced earlier this week that the state of Florida is getting ready to perhaps establish a statewide Bitcoin reserve in early 2025.
Armes presented his plan for the project, which calls for building a sizeable cryptocurrency reserve by utilizing Florida’s pension fund and budget surplus.
In 2025, Samuel Armes advocates for a Florida Bitcoin Reserve
Armes suggested in a December 3 X post that a $1.857 billion reserve might be created by investing just 1% of Florida’s $185.7 billion pension fund in Bitcoin.
He explained that Florida’s pension system has previously made investments in assets linked to cryptocurrencies.
To be clear, Florida has previously used our pension fund to invest in Bitcoin and other cryptocurrency-related assets.
The pension distributes its money to hedge funds, some of which have purchased liquid tokens and equities in the Bitcoin industry, such as Miners, MSTR, and Coinbase.
Armes went on to propose that Florida spend $1.165 billion, or 1% of its $116.5 billion budget surplus, on Bitcoin investments.
“My organization will strongly advocate for this, along with three additional pro-Bitcoin bills in the upcoming legislative session,” he said, expressing confidence in the state’s political landscape.
Pro-Bitcoin Market Momentum and Leadership
Speaker of the House Danny Perez and Senate President measure Albritton are two prominent state politicians in Florida who are pro-Bitcoin and could support the passage of a Bitcoin reserve measure.
Additionally, Governor Ron DeSantis has been a strong supporter of Bitcoin, especially in opposition to the idea of a central bank digital currency (CBDC).
Americans cannot be forced to take a CBDC by unaccountable organizations. We are smart enough to know better than to believe them when they tell us that CBDC won’t be misused.
Longtime supporter of a national Bitcoin reserve, Senator Cynthia Lummis (R-WY), seems to support Florida’s possible initiative.
Great ideas are bred in the states. We embrace the friendly rivalry in our battle to the top.
The recent performance of the Bitcoin market has given the discussion more traction.
Supported by increasing widespread use and the U.S. Securities and Exchange Commission’s earlier this year approval of multiple spot Bitcoin ETFs, the cryptocurrency crossed the $100,000 threshold this week.
Donald Trump, the president-elect, has also helped Bitcoin gain popularity by promising to create a national Bitcoin reserve this summer.
States like Florida, on the other hand, might take the lead and pave the way for state-level decentralized adoption.
Florida’s attempts to create a cryptocurrency reserve could operate as a model for other jurisdictions thinking about taking similar actions as Bitcoin continues to gain popularity.
Through legislative backing, budget surpluses, or pension money, the Sunshine State is establishing itself as a major force in the expanding Bitcoin market.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
