On December 9, 2024, Florida announced plans to invest $1.85 billion from its state pension fund into Bitcoin, aligning with the vision of pro-Bitcoin state leaders. This strategic move, backed by Florida's Blockchain Business Association, aims to diversify the pension portfolio and hedge against inflation.
Samuel Armes, president of the Florida Blockchain Business Association, highlighted the potential for establishing a 'strategic Bitcoin reserve' as early as Q1 2025. Florida's pension fund, valued at $185.7 billion, could allocate 1% to Bitcoin, building on its existing $800 million in crypto investments.
Florida's Chief Financial Officer, Jimmy Patronis, encouraged other states to consider Bitcoin investments, while critics raised concerns about the cryptocurrency's volatility. Nonetheless, state officials remain optimistic about Bitcoin as a long-term investment.