PANews reported on December 6 that Samuel Armes, president of the Florida Blockchain Business Association (FBBA), said that Florida "is likely to establish a strategic Bitcoin reserve during the legislative session that begins in the first quarter of 2025." The specific plan includes allocating 1% (about $1.857 billion) from the state's $185.7 billion pension fund (the fourth largest pension fund in the United States) and investing 1% (about $1.16 billion) from the $116.5 billion budget surplus in the 2024-25 fiscal year to purchase Bitcoin.
It is reported that Florida currently holds $800 million in crypto-related investments. The state's governor, Ron DeSantis, has been supportive of cryptocurrency innovation and emphasized the importance of financial freedom in a Twitter Spaces conversation with Elon Musk in May 2023. Earlier news, US President-elect Trump had promised to support domestic Bitcoin mining and said the government would not sell its approximately 212,000 Bitcoins.
