One More U.S State Wants to Add Bitcoin to its Reserves
06.12.2024 16:00 1 min. read Kosta Gushterov
Florida is moving forward with plans to potentially include Bitcoin (BTC) as part of its state reserves, with discussions centered around 2025.
Samuel Armes, President of the Florida Blockchain Business Association (FBBA), shared his optimism about the state’s chance of establishing a Bitcoin reserve as early as the first quarter of 2025.
Armes emphasized that the groundwork for this initiative is already in place, citing Florida’s existing investments in Bitcoin and crypto assets, including its pension fund. The state’s $185.7 billion retirement fund, which ranks fourth largest in the U.S., could allocate a portion to Bitcoin as an inflation hedge.
Additionally, Florida’s $116.5 billion budget surplus for fiscal year 2024-2025 could also be used for Bitcoin investments without impacting essential services.
Armes revealed that he and his organization are advocating for this bill, alongside other pro-Bitcoin legislation, in the upcoming session. The state’s proactive stance on Bitcoin investment is poised to further its position as a leader in blockchain adoption.
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