Florida Could Launch Statewide Bitcoin Reserve by Q1 of 2025, Samuel Armes Says

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Julia Smith

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December 6, 2024

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Florida is preparing to potentially launch a statewide Bitcoin reserve in early 2025, according to Samuel Armes, President of the Florida Blockchain Business Association (FBBA), who shared the update earlier this week.

Armes outlined his vision for the initiative, which includes leveraging both Florida’s pension fund and budget surplus to create a substantial cryptocurrency reserve.

Samuel Armes Pushes for Florida Bitcoin Reserve in 2025

In a December 3 X post, Armes proposed that allocating just one percent of Florida’s $185.7 billion pension fund into Bitcoin could yield a $1.857 billion reserve.

He clarified that Florida has already invested in cryptocurrency-related assets through its pension fund.

“To be clear, Florida has already invested in Bitcoin and crypto-related assets through our pension fund,” said Armes.

“The pension allocates its funds to hedge funds, and some of those hedge funds have bought various stocks in the Bitcoin space (miners, MSTR, Coinbase as examples) while also buying liquid tokens,” he added.

Armes further suggested that Florida could allocate one percent of its $116.5 billion budget surplus—equivalent to $1.165 billion—toward Bitcoin investments.

He expressed confidence in the state’s legislative landscape, stating, “My organization will advocate strongly for this, alongside three additional pro-Bitcoin bills in the upcoming legislative session.”

Pro-Bitcoin Leadership and Market Momentum

Florida currently possesses a number of key state leaders who are pro-Bitcoin and could help push a Bitcoin reserve bill into reality, including Speaker of the House Danny Perez and Senate President Bill Albritton.

Governor Ron DeSantis has also been a staunch defender of Bitcoin, particularly against the prospect of a central bank digital currency (CBDC).

“Unaccountable institutions cannot impose a CBDC on Americans,” he said in an April 2023 X post. “They will tell us that CBDC won’t be abused but we are wise enough to know better.”

Senator Cynthia Lummis (R-WY), a long-time advocate for a national Bitcoin reserve, appeared to endorse Florida’s potential initiative.

“States are the incubators of great ideas,” Lummis said in a December 4 X post. “It’s a race to the top, and we welcome the friendly competition.”

Bitcoin’s recent market performance has added momentum to the conversation.

The cryptocurrency surpassed the $100,000 mark this week, buoyed by growing mainstream adoption and the approval of several spot Bitcoin ETFs by the U.S. Securities and Exchange Commission earlier this year.

President-elect Donald Trump has also contributed to Bitcoin’s rising prominence, having pledged to establish a national Bitcoin stockpile over the summer.

However, states like Florida may move ahead first, setting the stage for decentralized adoption at the state level.

As Bitcoin continues to gain traction, Florida’s efforts to establish a cryptocurrency reserve could serve as a blueprint for other states considering similar initiatives.

Whether through pension funds, budget surpluses, or legislative support, the Sunshine State is positioning itself as a key player in the growing Bitcoin economy.