Florida’s Bold Move: A Bitcoin Reserve
Samuel Armes, president of the Florida Blockchain Business Association (FBBA), revealed that the state is likely to establish a strategic Bitcoin reserve during the upcoming legislative session starting in the first quarter of 2025. The move builds on Florida’s existing investments in Bitcoin and crypto-related assets, particularly through its $185.7 billion pension fund, which is the fourth largest in the United States.
Armes proposes dedicating 1% of this pension fund—about $1.857 billion—towards the Bitcoin reserve. This would reportedly provide the state with both financial diversification and increased exposure to the fast-evolving cryptocurrency sector.
Additionally, Armes noted the state's projected budget surplus of $116.5 billion for fiscal year 2024-2025, suggesting even a modest 1% allocation-approximately $1.16 billion-could be used to invest in Bitcoin.
Top Leaders Embraces Bitcoin
Florida’s pro-Bitcoin leadership, including Governor Ron DeSantis, has been crucial in driving the state's crypto ambitions. DeSantis, known for his opposition to central bank digital currencies (CBDCs), has championed financial freedom and the right to use cryptocurrencies like Bitcoin. In May 2023, during a conversation with Elon Musk, DeSantis stressed the importance of protecting Bitcoin’s role in financial autonomy.
The political backing extends to the state legislature, where figures like Florida House Speaker Danny Perez and Senate President Ben Albritton have actively supported Bitcoin-related legislation, including bills that protect Florida from the potential negative impacts of CBDCs.
Florida’s initiative to use Bitcoin as a reserve asset aligns with the vision of state leaders like Senator Cynthia Lummis of Wyoming, who has praised Florida’s plan as part of a broader “race to the top” for Bitcoin adoption.
