US State Could Use $185 Billion Fund for Bitcoin - Koin Bulletin

Florida is preparing to take a leadership role in embracing Bitcoin and cryptocurrency in the US.

Samuel Armes, President of the Florida Blockchain Business Association (FBBA), says that the state has the opportunity to create a "strategic Bitcoin reserve" during the legislative session starting in the first quarter of 2025.

The foundation of Florida's Bitcoin reserve plan is based on the state's $185.7 billion pension fund. This fund, the fourth largest pension fund in the US, is already invested in assets linked to Bitcoin and cryptocurrencies.

You can only use a portion of it

Armes suggests allocating only 1% of the pension fund to Bitcoin. This means an investment of approximately $1.857 billion. Additionally, it states that 1% of the budget surplus forecasted for the 2024-2025 fiscal year could be invested in Bitcoin, amounting to approximately an additional investment of $1.16 billion.

"Armes, who said "Florida generally has a budget surplus because... we are a well-managed state", expressed that directing these surplus funds to Bitcoin could provide a long-term contribution to the state economy."

Florida's investments related to cryptocurrencies are currently at $800 million. However, it is believed that this amount could increase. Jimmy Patronis, the state's Chief Financial Officer, said in an interview with CNBC, "Cryptocurrency is not going anywhere, it will not shrink. It will continue to expand, and it would be a big mistake not to take advantage of these opportunities."