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4th richest state in the USA wants to invest US$ 1.8 billion in Bitcoin
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The state of Florida is preparing to take a significant step towards cryptocurrency adoption. The plan is include Bitcoin (BTC) in its state reserve fund by 2025. The initiative, which aims to strengthen Florida’s position in the blockchain industry, was highlighted by the president of the Florida Blockchain Business Association (FBBA).
According to Samuel Armes, Florida “has a very good chance of creating a strategic Bitcoin reserve” during the next legislative session, in the first quarter of 2025. kick-start of the reserve fund must come from another fund, the State pension fund. Florida has the fourth most valuable pension fund in the United States, worth a staggering $185.7 billion.
Armes’s idea is allocate 1% of the fund, which totals 1.857 billion. If Bitcoin remains at around US$100,000, the reserve fund would start with 18.57 Bitcoin. The fund manager mentioned that the allocation can serve as a hedge against inflation, a growing concern in a volatile economic environment.
Armes also plans to propose Bitcoin-friendly legislation to the Florida Legislature, including a bill specifically for the Bitcoin reserve. THE Florida has a projected budget surplus of $116.5 billion for the 2024-2025 fiscal year, which opens up the possibility of investing in Bitcoinas long as this does not compromise essential public services.
One background for another
Arms’ initiative received support from a strong neighbor. This is because Senator Cynthia Lummis from the State of Wyoming shared Armes’ publication and declared that American states are incubators of great ideas. The senator also proposed the creation of a reserve fund for the state she represents, which should be voted on next year.
4th richest state in the USA wants to invest US$ 1.8 billion in Bitcoin
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4th richest state in the USA wants to invest US$ 1.8 billion in Bitcoin
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4th richest state in the USA wants to invest US$ 1.8 billion in Bitcoin
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4th richest state in the USA wants to invest US$ 1.8 billion in Bitcoin
