4th Richest State in the US Wants to Invest $1.8 Billion in $BTC

The state of Florida is preparing to take a significant step towards cryptocurrency adoption. The plan is to include Bitcoin ($BTC ) in its state reserve fund by 2025. The initiative, which aims to strengthen Florida’s position in the blockchain industry, was highlighted by the president of the Florida Blockchain Business Association (FBBA).

One Fund for Another

According to Samuel Armes, Florida “has a very good chance of creating a strategic reserve of #BitcoinForever ” during the next legislative session in the first quarter of 2025. The reserve fund is expected to be kickstarted by another fund, the state’s pension fund. Florida has the fourth most valuable pension fund in the United States, worth an impressive $185.7 billion.

Armes’ plan is to allocate 1% of the fund, which totals $1.857 billion. If Bitcoin remains at $100,000, the reserve fund would start with 18.57 Bitcoin. The fund manager mentioned that the allocation could serve as a hedge against inflation, a growing concern in a volatile economic environment.

Legislation Supporting $BTC

Armes also plans to propose legislation supporting #BitcoinHodlers to the Florida Legislature, including a specific bill for the reserve #Bitcoin❗ . Florida has a projected budget surplus of $116.5 billion for the 2024-2025 fiscal year, which opens up the possibility of investments in #Bitcoin❗️ , as long as it does not compromise essential public services.