Florida decided to move towards cryptocurrency adoption at the government level, to unlock the benefits of Bitcoin adoption for the public.
Florida is a US state. The city of Miami, located in southeastern Florida, is popular around the world for its Latin American cultural influences and notable art scene, as well as its nightlife, especially in luxurious South Beach. Former Miami Mayor Francis Suarez and Congressman Matt Gaetz are popular Florida cryptocurrency advocates.
These days, Florida plans to allocate $1.85 billion from its state pension fund to Bitcoin, the leading cryptocurrency by market capitalization, with the aim of leading this innovative sector.
This new plan is supported by the Florida Blockchain Business Association (FBBA) and cryptocurrency advocates and can serve as an example for other US states to demonstrate how states use cryptocurrencies in their financial plans.
Florida’s pension fund, valued at $185.7 billion, is the fourth largest fund in the US jurisdiction and already has some investments in cryptocurrencies.
FBBA Director Samuel Armes proposed using 1% of the pension fund to create a Bitcoin reserve to offer better financial diversity and exposure to the new money market sector.
According to speculation and multiple reports, with a budget surplus of $116.5 billion expected for 2024-2025, the 1% allocation (which is almost $1.16 billion) could act as a catalyst to boost Florida’s role in the Bitcoin adoption.
Cryptocurrency advocate Armes also said there is a strong chance Florida will create a strategic Bitcoin reserve this session, which will begin in the first quarter of 2025.
Just a few days ago, Dennis Porter, CEO and Founder of Satoshi Act Fund, informed the Crypto community that almost 10 of the US states are planning to introduce strategic Bitcoin reserve legislation in the initial phase.
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