TALLAHASSEE, Fla.—Florida is taking big steps in the Bitcoin space, seeking to establish its own Bitcoin reserve by early 2025, The Crypto Times reported.
“This ambitious plan has the backing of key leaders like Samuel Armes, president of the Florida Blockchain Business Association, who is confident the proposal could gain approval in the next legislative session,” The Crypto Times said.
Florida is not just exploring Bitcoin—it’s already invested in it. The state’s massive $185.7 billion pension fund, one of the largest in the U.S., includes Bitcoin-related assets, The Crypto Times noted.
“Armes suggests that allocating just 1% of this fund—about $1.85 billion—toward Bitcoin could lay the foundation for a state-backed reserve,” The Crypto Times said.
In addition, Florida’s budget surplus for the 2024-2025 fiscal year stands at a staggering $116.5 billion. Armes has proposed investing 1% of this surplus—roughly $1.16 billion—into Bitcoin.
“This strategic move could not only enhance Florida’s foothold in the digital currency market but also position the state for significant long-term gains as cryptocurrencies continue to thrive. Florida’s Chief Financial Officer, Jimmy Patronis, has voiced strong support, emphasizing the opportunities Bitcoin presents,” The Crypto Times said.
“Politically, the initiative has solid backing. Governor Ron DeSantis, a vocal Bitcoin advocate, opposes central bank digital currencies and has consistently championed pro-crypto policies. Legislative leaders like Senate President Ben Albritton and House Speaker Danny Perez are also on board, signaling bipartisan support for the idea,” The Crypto Times said, adding this effort aligns with a growing national interest in Bitcoin sparked by the crypto-friendly Trump Administration.