🇺🇸 The state of Florida has a strong chance of creating a strategic Bitcoin reserve during the next legislative session in the first quarter of 2025.
According to Samuel Armes, president of the Florida Blockchain Business Association (FBBA).
“Florida has already invested in Bitcoin and crypto-related assets through our pension fund.”
Armes suggests allocating just 1% of Florida’s $185.7 billion pension fund, which would amount to $1.857 billion.
Armes also proposed using Florida’s $116.5 billion budget surplus from the 2024-25 fiscal year to invest in Bitcoin.
“Florida often runs a budget surplus because we have a very well-run state.”
“To invest even 1% of that surplus would be $1.16 billion.”
Florida already has $800 million in crypto-related investments, a number that could grow, according to Jimmy Patronis, the state's chief financial officer.
"Crypto is not going anywhere. It's not going to shrink. It's going to continue to grow, and I think we'd be fools if we're not prepared to do everything we can to exploit the opportunities there."
🗞 TheStreet
