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$SOL Florida Looking to Build Strategic Bitcoin Reserve with $185.7 Million Pension Fund, Political Strategist Says

Political strategist and Florida Blockchain Business Association (FBBA) President Samuel Armes says the Sunshine State is looking to launch a strategic Bitcoin (BTC) reserve.

Armes said in a post on social media platform X that with the support of pro-Bitcoin leaders, Florida is likely to build its own reserve of the leading crypto asset.

“There’s a good chance that Florida could build a strategic Bitcoin reserve this session, which starts in the first quarter of 2025.”

Armes said Florida could use a small portion of the state’s pension fund, which is already invested in Bitcoin and crypto-related assets, to build its crypto reserves.

“[We could] use our $185.7 billion pension fund (the fourth largest in the U.S.) to allocate a small portion of that to Bitcoin as a hedge against inflation… Just investing 1% of our pension fund in Bitcoin would give us $1.857 billion.”

Florida could also use its budget surplus to invest in Bitcoin without cutting back on basic services, he said.

“Inflation and time will eat away at any budget surplus we have. Investing just 1% of our surplus would give us $1.165 billion.”

Last month, Florida’s chief financial officer Jimmy Patronis said the state government already has $800 million worth of crypto-related investments and could potentially accumulate more.

“Cryptocurrency is not going away. It’s not going to shrink. It’s going to continue to expand, and I think we’d be fools if we weren’t prepared to do everything we can to take advantage of the opportunities that are out there.”