Florida Plans Strategic Bitcoin Reserve By Early 2025
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According to Odaily, Florida is poised to establish a strategic Bitcoin reserve by the first quarter of 2025. Samuel Armes, the chairman of the Florida Blockchain Business Association (FBBA), indicated that the state is likely to initiate this reserve during the upcoming legislative session, which is set to begin in early 2025. This initiative is grounded in Florida's existing investments in Bitcoin and other crypto-related assets, managed through its substantial $185.7 billion pension fund, the fourth largest in the United States.
Armes highlighted that Florida has already invested in Bitcoin and crypto-related assets through its pension fund. He proposed allocating 1% of the state's pension fund, amounting to approximately $1.857 billion, towards this strategic Bitcoin reserve. This move reflects Florida's growing interest in integrating cryptocurrency into its financial strategies, leveraging its existing investments to potentially enhance the state's economic resilience and financial innovation.
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