Financial reports or official announcements from the Florida State Board of Administration

Florida Eyes Strategic Bitcoin Reserve in Q1 2025, Leveraging $185B Pension Fund

Dec 6, 2024, 10:55 AM

The state of Florida is considering the establishment of a strategic Bitcoin reserve, potentially leveraging a portion of its $185.7 billion pension fund in the first quarter of 2025. Samuel Armes, President of the Florida Blockchain Business Association, has expressed confidence in introducing this proposal during the upcoming legislative session. The initiative aims to allocate billions of dollars into cryptocurrency assets, possibly using the state's pension fund and budget surplus. This move has garnered attention from various stakeholders, including Coinbase CEO Brian Armstrong, who advocates for every government to create such a reserve as a hedge against inflation. Critics, however, argue against the idea, citing the outdated reasons for stockpiling gold as a precedent for Bitcoin reserves.