Plans for the Florida government to launch a strategic Bitcoin reserve are in full swing. Political leaders, unions and defenders of digital currency are advancing an initiative for the state to become the first to save in cryptocurrencies in the United States.
Samuel Armes, president of the Florida Blockchain Business Association (FBBA), commented on X that there are very good possibilities of creating the strategic reserve in bitcoin in legislative session beginning in the first quarter of 2025.
The idea is to use the investments the state has already made in BTC and cryptocurrencies through its pension fund, the fourth largest in the United States.
Armes proposes allocate 1% of this pension fund (about 1,857 million dollars) to the bitcoin reserve. This, “would provide the state with financial diversification and greater exposure to the rapidly evolving Cryptocurrency sector.”
The official highlighted the state’s projected budget surplus, which is estimated at USD 116.5 billion for the 2024-2025 fiscal year, which is why he suggests using a small percentage to counteract inflation.
He highlighted, in this sense, that although the state usually has a surplus, inflation and the passage of time will undermine the budget surpluses. “My organization will strongly push this, along with three other pro-Bitcoin bills this legislative session,” Armes said.
He recalled that the state’s political leadership has a pro-Bitcoin stance. In fact, Governor Ron DeSantis has been crucial in driving the state’s ambitions on this issue, amid the regulatory onslaught against the ecosystem that characterized the Joe Biden mandate.
As CriptoNoticias has reported, DeSantis has defended financial freedom and the right to use cryptocurrencies like bitcoin. He is also known for his opposition to central bank digital currencies (CBDC).
In fact, the ban on CBDCs in Florida It was achieved through legislation that was introduced by the Blockchain Business Association, headed by Armes.
Political support for the project extends to state legislaturewhere figures such as Florida House Speaker Danny Perez and Senate President Ben Albritton have actively supported pro-cryptocurrency laws.
Florida is the state with the most advances in pro-Bitcoin laws
With these advances, Florida tops the list of states that develop projects for the creation of strategic reserves in BTC.
In this regard, the financial director, Jimmy Patronis, has openly expressed the need for the state prepare for the future of cryptocurrencies. He recently asked state pension fund administrators that explore the feasibility of adding bitcoin to the investment portfolio.
This occurs in a context where it is very likely that a federal law will be approved and Donald Trump’s government boost the Federal Reserve to include digital currency in your reserves. Florida has already made major moves in this space. According to recent reports, the state owns around 800 million dollars in investments related to cryptocurrencies.
Everything indicates, as the political strategist and bitcoiner, Dennis Porter, has expressed, that the movement for the creation of strategic reserves with BTC is gaining more and more ground in the US. The founder of the organization Satoshi Act Fund assures that several states have been asking for support to move in this direction.
This is information that reiterated this week in Xensuring that 10 states will introduce legislation on “Bitcoin Strategic Reserves” over the coming year.
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