Florida is set to make significant strides in the Bitcoin space, with plans to establish a state-backed reserve by early 2025. Key leaders, including President of the Florida Blockchain Business Association Samuel Armes, support this ambitious proposal.
The state’s massive pension fund, worth $185.7 billion, has already invested in Bitcoin-related assets. Armes suggests allocating just 1% of the fund to Bitcoin, which would be approximately $1.85 billion. Additionally, Florida’s budget surplus for the 2024-2025 fiscal year stands at $116.5 billion, with Armes proposing an investment of 1% – around $1.16 billion.
This strategic move could enhance Florida’s foothold in the digital currency market and position the state for long-term gains as cryptocurrencies continue to thrive. Governor Ron DeSantis, a vocal Bitcoin advocate, has expressed strong support for this initiative. Even President-elect Donald Trump has pledged to maintain the US government’s $20 billion Bitcoin holdings and increase domestic mining to stay competitive globally.
Legislative leaders like Senate President Ben Albritton and House Speaker Danny Perez have also signaled bipartisan support for the idea, making it a growing national interest in Bitcoin. With backing from top leaders and a growing national interest, Florida is poised to become a leader in the adoption of Bitcoin technology.
Source: https://www.cryptotimes.io/2024/12/06/florida-plans-to-launch-bitcoin-reserve-by-q1-2025