The state of Florida is planning to establish a strategic Bitcoin reserve in the first quarter of 2025. This initiative is supported by influential political leaders and blockchain advocates in the state, signaling Florida's aim to become a leader in Bitcoin adoption. Samuel Armes, president of the Florida Blockchain Business Association, suggests allocating 1% of Florida's $185.7 billion pension fund towards the Bitcoin reserve, which would provide financial diversification and exposure to the cryptocurrency sector. Florida's pro-Bitcoin leadership, including Governor Ron DeSantis, has been driving the state's crypto ambitions, with DeSantis emphasizing the importance of protecting Bitcoin's role in financial autonomy. Other key figures in the state legislature have also supported Bitcoin-related legislation. This move aligns with the vision of Senator Cynthia Lummis of Wyoming, who sees it as part of a wider "race to the top" for Bitcoin adoption. Florida already holds around $800 million in crypto-related investments, and Chief Financial Officer Jimmy Patronis has been vocal about the need to prepare for the future of cryptocurrency. The announcement follows US President-elect Donald Trump's commitment to Bitcoin and digital asset innovation, including plans to continue holding the US government's Bitcoin holdings, currently valued at around $20 billion.
- Content Editor ( bsc.news )
- 2024-12-06
Florida Plans Strategic Bitcoin Reserve Using $1.85B from Pension Fund