Florida May Establish Statewide Bitcoin Reserve by Early 2025, According to Samuel Armes

Florida is gearing up to possibly introduce a statewide Bitcoin reserve in early 2025, as indicated by Samuel Armes, President of the Florida Blockchain Business Association (FBBA), who provided this information earlier this week.

Armes detailed his plan for the project, which involves utilizing both Florida’s pension fund and budget surplus to establish a significant cryptocurrency reserve.

Samuel Armes Advocates for Florida Bitcoin Reserve in 2025

In a December 3 post on X, Armes suggested that dedicating just one percent of Florida’s $185.7 billion pension fund to Bitcoin could result in a $1.857 billion reserve.

Florida is set to initiate a strategic Bitcoin reserve, and here’s our approach
Florida has a strong opportunity to establish a strategic Bitcoin reserve this session, which commences in Q1 of 2025.
Here’s what you should know:
The Speaker of the Florida House, Danny… pic.twitter.com/JJRNU1V7ZI

— Samuel Armes (@samuelarmes) December 3, 2024

He emphasized that Florida has already made investments in cryptocurrency-related assets via its pension fund.

“To clarify, Florida has previously invested in Bitcoin and crypto-related assets through our pension fund,” stated Armes.

“The pension allocates its resources to hedge funds, and some of those hedge funds have acquired various stocks in the Bitcoin sector (such as miners, MSTR, Coinbase) while also purchasing liquid tokens,” he added.

Armes also proposed that Florida could allocate one percent of its $116.5 billion budget surplus—amounting to $1.165 billion—toward Bitcoin investments.

He expressed optimism regarding the state’s legislative environment, asserting, “My organization will advocate vigorously for this, alongside three additional pro-Bitcoin bills in the forthcoming legislative session.”

Pro-Bitcoin Leadership and Market Dynamics

Florida currently has several prominent state leaders who support Bitcoin and could facilitate the passage of a Bitcoin reserve bill, including Speaker of the House Danny Perez and Senate President Bill Albritton.

Governor Ron DeSantis has also been a strong proponent of Bitcoin, particularly in opposition to the idea of a central bank digital currency (CBDC).

“Unaccountable institutions cannot impose a CBDC on Americans,” he remarked in an April 2023 post on X. “They will claim that CBDC won’t be misused, but we are wise enough to know better.”

Senator Cynthia Lummis (R-WY), a long-time supporter of a national Bitcoin reserve, seemed to endorse Florida’s prospective initiative.

States are the incubators of great ideas. It’s a race to the top and we welcome the friendly competition.
https://t.co/7eqN9JlQq8

— Cynthia Lummis (@CynthiaMLummis) December 4, 2024

“States are the incubators of great ideas,” Lummis stated in a December 4 post on X. “It’s a race to the top, and we welcome the friendly competition.”

Bitcoin’s recent market activity has further fueled the discussion.

The cryptocurrency exceeded the $100,000 threshold this week, supported by increasing mainstream adoption and the approval of several spot Bitcoin ETFs by the U.S. Securities and Exchange Commission earlier this year.

President-elect Donald Trump has also played a role in Bitcoin’s rising visibility, having committed to creating a national Bitcoin stockpile over the summer.

However, states like Florida may take the lead, paving the way for decentralized adoption at the state level.

As Bitcoin continues to gain momentum, Florida’s initiative to create a cryptocurrency reserve could serve as a model for other states contemplating similar actions.

Whether through pension funds, budget surpluses, or legislative backing, the Sunshine State is positioning itself as a significant participant in the expanding Bitcoin economy.

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