Florida Bitcoin Reserve Set to Launch Statewide by Early 2025

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Samuel Armes, President of the Florida Blockchain Business Association (FBBA), has announced that the state plans to create a strategic Florida Bitcoin reserve in 2025.

Key Points

Samuel Armes, President of the Florida Blockchain Business Association (FBBA), has announced that the state plans to create a strategic Florida Bitcoin reserve in 2025
In a post on X, Armes then provided further details on the state’s plan to create such a treasury
Here’s what you need to know:The Speaker of the Florida House, Danny… pic

In a post on X, Armes then provided further details on the state’s plan to create such a treasury.

Florida is going to launch a strategic Bitcoin reserve, and here’s how we’re going to do it 👇

Floridа has а very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.

Here’s what you need to know:

The Speaker of the Florida House, Danny… pic.twitter.com/JJRNU1V7ZI
— Samuel Armes (@samuelarmes) December 3, 2024

He said that Florida intends to utilize its $185.7 billion pension fund and allocate a small portion to Bitcoin as a safeguard against inflation. He emphasized that assigning just one percent of this fund into Bitcoin would amount to approximately $1.87 billion.

Florida’s pension fund allocates its assets to hedge funds, some of which have made investments in companies within the Bitcoin sector, such as mining firms, MicroStrategy, and Coinbase. Additionally, these hedge funds have purchased liquid tokens, further diversifying the state’s exposure to the cryptocurrency market.

Additionally, Armes emphasized that Florida frequently experiences a budget surplus, with the state’s surplus for the 2024-2025 fiscal year reaching $116.5 billion. He stated that Florida plans to use these funds to responsibly invest in Bitcoin, ensuring that essential services are not impacted.

The FBBA President concluded his announcement noting that his organization would be vigorously advocating for the implementation of the Florida Bitcoin reserve, along with pushing for the passage of three additional pro-Bitcoin bills during the current legislative session.

Well-known crypto advocate and U.S. Senator responded to Armes’ post on X. “States are the incubators of great ideas,” Lummis wrote.

States are the incubators of great ideas. It’s a race to the top and welcome thе friendly competition.

🇺🇸 https://t.co/7eqN9JlQq8
— Cynthia Lummis 🦬 (@CynthiaMLummis) December 4, 2024

Lummis has advocated for a “Bitcoin reserve strategy” based on her own experience and belief in Bitcoin’s long-term potential. Her approach to a Bitcoin reserve strategy involves holding Bitcoin as a hedge against inflation and a means of diversifying financial reserves. She views Bitcoin as “digital gold” and emphasizes its role as a store of value, especially in an environment of increasing government debt and inflationary pressures.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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