Florida is positioning itself as a leader in Bitcoin adoption, with a push to create a strategic Bitcoin reserve.
Samuel Armes, President of the Florida Blockchain Business Association (FBBA), is confident that Florida “has a very good chance of creating a strategic Bitcoin reserve” during the upcoming legislative session, which begins in the first quarter of 2025.
The foundation for this initiative rests on Florida’s existing investments in Bitcoin and crypto-related assets, made through its $185.7 billion pension fund — the fourth largest in the United States.
“Florida has already invested in Bitcoin and crypto-related assets through our pension fund,” Armes said.
Armes suggests allocating just one percent of Florida’s $185.7 billion pension fund which would amount to $1.857 billion.
Armes also proposed utilizing Florida’s $116.5 billion budget surplus from FY 2024-25 to invest in Bitcoin.
“Florida often has a budget surplus because we.. have a very well-run state,” he added. “Investing even one percent of this surplus would be $1.16 billion."
Senator Cynthia Lummis of Wyoming, a long-time Bitcoin supporter, responded to Armes.
“States are the incubators of great ideas,” Lummis said on X (formerly Twitter). “It’s a race to the top, and I welcome the friendly competition.”
Florida holds $800 million in crypto-related investments, a number that could grow, according to Jimmy Patronis, the state’s Chief Financial Officer.
“Crypto’s not going anywhere. It’s not going to contract. It’s going to continue to be expanding, and I think we’d be a fool if we’re not prepared to do everything we can to harness the opportunities there,” Patronis told CNBC on Oct. 30.
Pro-Bitcoin Leadership in Florida
The state’s political leadership has fueled optimism for these ambitious plans.
Florida House Speaker Danny Perez and Senate President Ben Albritton, both instrumental in passing an anti-central bank digital currency (CBDC) bill, are advocates for Bitcoin.
Meanwhile, Governor Ron DeSantis, one of the most pro-Bitcoin governors in the U.S., has supported legislation fostering crypto innovation.
In May 2023, during a Twitter Spaces session with Elon Musk, DeSantis emphasized the importance of financial freedom, stating, "You have every right to do Bitcoin."
DeSantis has consistently opposed the implementation of central bank digital currencies (CBDCs), arguing that they could lead to excessive government control over personal finances.
Trump’s National Bitcoin Vision
Florida’s Bitcoin reserve plan echoes President-elect Trump’s own promises for a national Bitcoin strategy.
In July, speaking at the Bitcoin2024 conference in Nashville, Trump pledged that his administration would never sell off the U.S. government’s Bitcoin holdings, which currently stand at 212,847 BTC, valued at around $20 billion.
The U.S. government’s Bitcoin holdings were largely obtained through criminal seizures, including 50,676 BTC confiscated from the Silk Road hacker in 2022 and 94,636 BTC tied to the 2016 Bitfinex hack.
Beyond holding Bitcoin, Trump has vowed to support domestic Bitcoin mining.
In June, he met with executives from major crypto mining companies, including Riot Platforms, Marathon Digital Holdings, Terawulf, and CleanSpark, to discuss ways to bolster U.S. mining efforts.
“We want all the remaining Bitcoin to be made in the USA!!! It will help us be energy dominant,” Trump wrote on Truth Social on Jun. 12.
