Florida decided to head toward crypto adoption at the government level, to unlock the benefits of Bitcoin adoption to the public.
Florida is a US State. The city of Miami, which is located in southeastern Florida, is popular for its Latin-American cultural influences and notable arts scene, as well as its nightlife, especially in upscale South Beach, across the world. Miami’s former mayor, Francis Suarez, and Congressman Matt Gaetz are popular crypto advocates from Florida.
These days, Florida is planning to allocate $1.85 billion from its state pension fund to Bitcoin, the top cryptocurrency by market cap, aimed to lead in this innovative sector.
This new plan is backed by the Florida Blockchain Business Association (FBBA) and crypto advocates and may set an example for other US States to demonstrate how states use Cryptocurrencies in their financial plans.
Florida’s $185.7 billion pension fund is 4th largest fund in the jurisdiction of the US & already has some investment in cryptocurrencies.The FBBA head, Samuel Armes, proposed using 1% of the pension fund to create a Bitcoin reserve to offer better financial diversity and exposure to the new money market sector.
As per speculations & multiple reports, With a $116.5 billion budget surplus expected in 2024-2025, allocating 1% (which is nearly $1.16 billion) could act as a catalyst to boost Florida’s role in Bitcoin adoption.
Crypto advocate Armes also said that there are huge chances that Florida may create a strategic Bitcoin reserve this session, which will start in Q1 of 2025.
Florida is going to launch a strategic Bitcoin reserve, and here’s how we’re going to do it 👇Florida has a 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
Just a few days ago, Dennis Porter, CEO & founder of Satoshi Act Fund, informed the Crypto community that nearly 10 of the US States have plans to introduce strategic Bitcoin reserve legislation in the initial phase.
BREAKING: I confirm we have 10 lawmakers in 10 different states who are ready to introduce strategic Bitcoin reserve legislation and this is just the very beginning of the moment.pic.twitter.com/3gNnOgKeu4
— Dennis Porter (@Dennis_Porter_) November 16, 2024
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