Samuel Arms, founder of the Florida Blockchain Business Association, proposed the establishment of a strategic Bitcoin reserve funded by pension funds and the state budget surplus.
The plan to create a Bitcoin reserve in Florida aligns with the vision of newly elected President Trump.
Samuel Arms, President and founder of the Florida Blockchain Business Association (FBBA), proposed to create a strategic Bitcoin reserve in the American state in the first quarter of 2025.
Arms proposed to allocate 1% from the Florida state pension fund, amounting to about $1.857 billion, for the purchase of the first cryptocurrency. Currently, the state pension fund is the fourth largest in the country and has assets of $185.7 billion.
The second proposal from FBBA leader is to use the state budget surplus of $116.5 billion in the 2024-2025 fiscal years to invest 1% in bitcoins (specifically $1.16 billion).
Florida has already invested $800 million in cryptocurrency. The political leadership of the state takes a pro-cryptocurrency position, particularly Florida House Speaker Danny Perez and Senate President Ben Albritton. At the same time, they facilitated the passage of a law against the implementation of a central bank digital currency (CBDC), as emphasized by The Street.
Additionally, Florida Governor Ron DeSantis, who is considered one of the largest pro-cryptocurrency governors in the U.S., supported legislation that promotes crypto innovations, emphasizing the importance of financial freedom and opposing the implementation of CBDC.
Florida is not the only U.S. state advocating for the creation of a Bitcoin reserve. In November 2024, the Pennsylvania House of Representatives introduced the Pennsylvania Bitcoin Strategic Reserve Act. The goal of this legislative initiative is to create a strategic reserve of the first cryptocurrency.
Earlier in July 2024, Wyoming State Senator Cynthia Lummis proposed the BITCOIN Act of 2024. It aims to accumulate a federal reserve of 1 million BTC over the next five years. She supported Arms' initiative, calling states 'incubators of big ideas.'
The plan to form a reserve of the first cryptocurrency in Florida aligns with the vision of newly elected President Trump regarding a national Bitcoin strategy. He advocates for both holding the asset at the state level and developing mining in the country.
