Florida Senator Joe Gruters has introduced a bill to include Bitcoin in the state’s investment strategy. If approved, the state could invest up to 10% of its public funds in Bitcoin. This move aligns Florida with other states like Texas, Wyoming, and Ohio, which are also exploring Bitcoin as a financial reserve.
Senator Gruters believes Bitcoin can help protect against inflation and stabilize Florida’s finances. He stated, “The state should have access to tools such as Bitcoin to protect against inflation.” This proposal follows Kentucky’s similar initiative, making Florida the 16th state to consider Bitcoin investments.
Florida has already invested significantly in digital assets. State CFO Jimmy Patronis disclosed that Florida holds around $800 million in digital assets. He advocates for Bitcoin as a way to diversify the state’s financial portfolio and safeguard against economic uncertainty. He referred to Bitcoin as “digital gold” in a letter to the investment board.
The proposed bill suggests that Bitcoin investments could come from various funds, including General Revenue Funds and Budget Stabilization funds. While the bill limits Bitcoin exposure to 10%, this is higher than Wyoming’s recent cap of 3%. Florida’s supportive stance on cryptocurrency may gain traction under the current administration, especially with Donald Trump hinting at federal support for Bitcoin.
The introduction of this bill reflects Bitcoin’s growing acceptance, especially among major institutions like Fidelity and BlackRock, which have started to include Bitcoin in their portfolios. The bill also aims to exempt Bitcoin investments from certain securities regulations, allowing the State Board of Administration to manage these holdings.
