Samuel Armes, a political strategist and president of the Florida Blockchain Business Association (FBBA), says the Sunshine State is looking to launch a strategic Bitcoin (BTC) reserve.
In a post on social media platform X, Armes says Florida will likely create its own stockpile of the leading crypto asset amid support from pro-Bitcoin leaders.
[adinserter block="1"]“Florida has a very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.”
Armes says Florida can build its crypto reserve by using a small portion of the state’s pension fund, which already invests in Bitcoin and crypto-related assets.
“[We can] leverage our $185.7 billion pension fund (4th largest in the U.S.) to allocate a small percentage to Bitcoin as a hedge against inflation…Just investing ONE percent of our pension fund into Bitcoin would be $1.857 billion.”
He says Florida can also tap into its budget surplus to invest in Bitcoin without cutting essential services.
“Inflation and time will eat away at any budget surpluses we have. Investing just ONE percent of our surplus would be $1.165 billion.”
Last month, Florida chief financial officer (CFO) Jimmy Patronis said that the state government already has $800 million worth of crypto-related investments and could accumulate more.
“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.”
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